Within the framework of the event "Cashless Day 2024" taking place from June 14 to June 16 in Ho Chi Minh City, PVcomBank introduced the payment feature using facial recognition based on the application of biometric technology. This is a solution built and developed by PVcomBank in collaboration with the National Payment Corporation of Vietnam (Napas), based on the comparison and authentication of information from the National Population Database of C06.

Previously, this payment solution has been applied in a number of countries around the world such as China, Denmark, Canada, Thailand... and is increasingly popular due to its security, safety, and reduced risk of fraud or disclosure of account information... With this method, each customer will only be associated with a single biometric identification data, which is a face that is authenticated to match the information stored in the National Population Database of C06, and cannot be copied or forged. In Vietnam, PVcomBank is the first bank to cooperate with Napas to deploy a payment method using facial recognition with the desire to bring people in general and customers in particular a touchless, contactless payment feature. According to representatives of PVcomBank and Napas, this feature is expected to be officially deployed to customers this year.

With this breakthrough feature, customers can pay for shopping transactions by facial recognition for biometric authentication right on devices located at the store system registered to connect with Napas without using cash, debit cards, credit cards or opening a banking application on the phone to transfer money... This process is done thanks to Bluetooth low energy (BLE) technology that connects information between the store's payment device/application and the customer's phone, ensuring that the processing of biometric information through the Napas BioPay portal is secure, safe, and matches C06 data before completing the payment transaction.

According to Mr. Nguyen Phu Dung, Deputy Director of PVcomBank Digital Bank, the facial recognition payment feature is a modern solution, in line with the trend of technology development in the banking and finance industry, bringing convenience to customers when making transactions. "We are experiencing an era of retail payment with the need not only for convenience and speed but also for high security. The facial recognition payment feature is such a step forward. This is not only a safe and convenient payment solution for users but also brings many benefits to businesses. If for consumers, using the face to pay helps save time, minimize the risk of losing cards or personal information being disclosed, then for businesses, this technology helps reduce operating costs, attract customers thanks to the fast and seamless shopping process. PVcomBank is working with Napas to speed up the completion of the necessary platforms and infrastructure to be able to quickly deploy this solution to all mass customers," Mr. Dung added.

" The fact that people can make transactions quickly and safely with just a look or facial movement shows a new step forward in the process of providing cashless payment solutions in Vietnam. It is also the commitment of Napas and PVcomBank in jointly developing convenient and safe financial solutions for users, contributing to building a smarter, more modern and convenient society," Mr. Nguyen Thanh Tung - Head of Research and Application of Payment Technology, Napas emphasized.

To use the facial recognition payment feature, customers need to register for biometric authentication via PVcomBank's PVConnect digital banking application. Currently, the PVConnect application has been upgraded and completed in terms of platform, ready to support customers in updating biometric identification information via chip-embedded CCCD to PVcomBank's database system. This is also a requirement of the State Bank of Vietnam in improving security and safety when conducting online transactions according to Decision 2345/QD-NHNN. Specifically, from July 1, all online financial transactions with a value greater than VND 10 million/transaction, or VND 20 million/day must be authenticated by biometric identification signs that match the data stored in the customer's chip-embedded CCCD issued by the Public Security Agency.

Following this direction, PVcomBank has quickly completed the necessary technological infrastructure in the shortest time, ensuring compliance with Decision 2345 of the State Bank, aiming to improve safety and security for customers conducting online transactions as well as being ready to develop more comprehensive financial solutions through the application of biometric data.