Banking group Resona Holdings Inc. on Thursday established a consortium of 31 Japanese companies across a range of industries to discuss and share know-how on the development of a payment system using facial recognition technology.
The bank unveiled the plan for the payment system in August, aiming to allow users to make deposits and withdrawals at banks and shop at stores without presenting anything if they register their facial images in advance, with hopes of creating a standard that can ultimately be utilized in different settings.
The joint project is also headed by Panasonic System Solutions Japan Co., a unit of electronics giant Panasonic Corp. which has expertise in facial recognition technology, credit card firm JCB Co. and Dai Nippon Printing Co.
The newly announced consortium includes West Japan Railway Co., Seven & i Holdings Co. and Hankyu Hanshin Holdings Inc., among other companies.
The facial recognition technology requires customers to register a picture of their face through a website and other personal data. Resona hopes to launch the system initially for banking services next year at the earliest.
The consortium will hold a total of six meetings by participating firms through May 2022, focusing on laws and regulations pertaining to information security, as well as other potential areas of utilization.
The banking group is expected to begin trial runs of its system at its headquarters and branches this month.
“We will aim to develop a technology that will serve as a standard for various industries,” said Shinichiro Isa, executive officer at Resona. “We are also open to other companies.”
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