HSBC China introduces selfie payments
Written by Chris Lemmon
HSBC customers in China can now make peer-to-peer payments with a selfie, as the bank has introduced new facial recognition technology to its mobile app.
Customers will be able to add new payees to their account and transfer money easily and securely via their mobile phone and a face scan. Customers simply blink into their camera using the ‘selfie mode’ and their identity is then checked against a photo held on a database. If the pictures match, and the customer enters the correct passcode into their banking app, they can transfer up to $7,600 a day.
Previously, they had to use a token device for authenticating and making transfers. China is the first country where HSBC is using facial recognition technology in this way.
Richard Li, executive vice president and head of retail banking and wealth management at HSBC China, said: “We believe there is a huge growth opportunity stemming from Chinese consumers’ enthusiasm for new technology. Investing in digital banking is one of our priorities to ensure we continue to provide the services people want and expect from us.”