HSBC has leveraged facial recognition technology to allow customers in China to make payments with a selfie.
Customers who want to use the new service simply have to open their HSBC mobile app, blink at their camera using the selfie mode, and enter their passcode before they can make payments, add new payees to their account, and transfer money up to RMB50,000 (US$7,600) a day. Their identity will be checked against the photo stored in bank's database.
Previously, customers had to use a token device to authenticate their identity and transfer money.
According to HSBC's Trust in Technology report, more than 60 percent of Chinese people believe that biometrics -- such as facial or fingerprint recognition -- will be the only way to access banking services in the next 10 years.
"We believe there is a huge growth opportunity, stemming from Chinese consumers' enthusiasm for new technology," said Richard Li, executive vice president and head of Retail Banking and Wealth Management, HSBC China. "Investing in digital banking is one of our priorities to ensure we continue to provide the services people want and expect from us."
The new service is only available in China for now.
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