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Japan's Seven Bank will allow customers to deposit and withdraw cash using facial recognition at around 20,000 ATMs nationwide from March next year.
Photo credit: Konosuke Urata
Paywall alert:
Photo credit: Konosuke Urata
The service will be the first of its kind in Japan, Matsuhashi said. The bank, a unit of Seven-Eleven Japan parent Seven & i Holdings, initially will limit the use of facial recognition to its roughly 2.75 million account holders. The service could be expanded to depositors at other institutions. Seven Bank ATMs are located in Seven-Eleven convenience stores throughout Japan. To activate facial recognition, customers will link their account information to their faces at a Seven Bank ATM. Those customers then receive a unique ID, required in subsequent transactions as an added security measure. They no longer will have to present their cash card to the machines. Around 13,000 -- or half -- of Seven Bank's ATMs already carry facial recognition technology. Another 6,000 machines are slated to be replaced this fiscal year with the updated model, developed jointly with Japanese technology company NEC in 2019, in preparation for the new service.
Paywall alert:
Seven Bank plans Japan's first facial recognition ATM service
Seven-Eleven affiliate explores alternative uses, like selling mobile contracts
asia.nikkei.com