Japan’s Seven Bank has started a face recognition technique. The bank customers can withdraw and deposit money from 26,000 ATMs. This facility has been called ‘Face Cash’. Customers can withdraw or deposit money without an ATM card or smartphone. For the first time use, they have to get them registered for facial information and then, they can withdraw or deposit money with the help of password and a code.
The facility is developed by Seven Bank and Tech company, NEC. The bank claimed that fraud cases could be reduced by using facial recognition. Seven Bank said it wants to increase the use of ‘Face Cash’ by other banks. The financial institution receives ATM Fees from other banks by providing this facility. The bank said it is the most trusted and easiest way to withdraw and deposit money.
Seven Bank is a subsidiary of Seven & I Holding Company Limited. The Bank is headquartered in Chiyoda city. The bank was established on April 10, 2021. Its chairman is Yasuaki Funatake.
