The Commonwealth Bank of Australia (CBA) has unveiled its Kaching iPhone mobile banking and payments app, bringing mobile phone-based banking to its customers utilizing near field communication that will authenticate individual’s via facial recognition, according to an IT Wire article.
A user’s authentication for accessing their accounts via their phone will utilize face recognition technology that matches the user via a PIN first and then a phone-based photo that matches on a CBA run and secured database.
In addition CBA is offering an NFC-enabled case for the iPhone, but enables a customers to make payments up to $100 at the 42,000 PayPass devices in Australia. CBA is also intent on allowing future development of the app or development of new apps that could bring vast new functionality centering around the biometric security functionality.
Read the full story here.