[Korea Times] Shinhan Card to introduce facial recognition payment service
Hanyang University, chosen to be the first organization to have facial recognition payment service available
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Shinhan Card announced a facial recognition payment service set to be launched in November, according to the Financial Services Commission (FSC). While this service will be introduced nationwide soon, Hanyang University is expected to be the first organization in which the facial recognition payment service is to be available.
After Shinhan Card cardholders register an image of their facial features through a 3D-sensing camera with the credit card firm’s certification management center, shoppers can then purchase goods simply by posing in front of a camera at any affiliate stores. Through this service, shoppers no longer need to carry a credit card or smartphone app to make a purchase.
Along with the facial recognition service, the FSC also introduced 11 innovative sandbox services in a press release, including the Korea Credit Bureau's (KCB) anti-voice-phishing wire transfer service and a new foreign exchange service. Likewise, the nation’s fintech firms are expected to develop various financial services such as blockchain and big data, which are exempt from tight regulations.
Hanyang Global News Team firstname.lastname@example.org
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