KATHMANDU, Feb 11: With the introduction of face recognition technology, customers can now deposit or withdraw cash from bank ATMs without a card or smartphone. The Bank of Japan has implemented a face recognition system for cash transactions, and Japan's Seven Bank has launched this technology for its customers.
They can now withdraw and deposit money from 26,000 ATMs across the country using ‘Face Cash’. This feature allows customers to deposit or withdraw money from bank ATMs without a card or smartphone. For first-time use, customers must register their facial information, after which they can withdraw money using a password and code number.
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Seven Bank and tech company NEC developed this service together. The bank claims it can prevent fraud caused by identity theft. Seven Bank wants to expand the use of ‘Face Cash’ to account holders of other banks, as it earns ATM fees from other banking institutions. The bank stated that this service is easy, convenient, reliable, and secure.
Seven & Holdings Company, the parent company of Seven Bank, is headquartered in Chiyoda, Tokyo. It was established on April 10, 2001, and is chaired by Yasuaki Funatake. Its subsidiaries include XM Platform (Philippines) and FCTI (United States).
