HONG KONG, China—Those with a limited credit history here are signing up instantly for a prepaid credit card through facial recognition technology.
Launched in early December, startup Neat's prepaid credit cards are designed specifically for students and first-time jobholders with limited or no credit history who can't get approved for a credit card from traditional financial institutions, reported Biometric Update.
“After downloading the Neat app, users are asked to enter their biographical details as well as upload a proof of address and their passport photograph, which the app scans to verify authenticity. The app then prompts users to take a selfie to verify that the applicant is actually the same individual whose picture appears in the passport,” Biometric Update explained.
If the images match, the app immediately issues a virtual prepaid credit card that the user can start using for online purchases while the actual card is mailed out to the user within a week.