Indian Banks to Use Facial Recognition for Transactions

Iris scans will be used.

QUICK FACTS:

• The government of India is to utilize digital ID tools to confirm individual banking transactions for citizens exceeding 2 million rupees annually in both withdrawals and deposits.
• Two million rupees is roughly equivalent to $24,494.04.
• The call for digital ID is meant to protect account holders against tax evasion and fraud, although the system has drawn criticism due to privacy concerns.
• It is estimated that about 99% of India’s adults are involved in the Aadhaar program, a digital ID assigning individuals with a unique 12-digit number corresponding with their biometric identity.

India is a ‘laboratory for the rest of the world’. 99% of its citizens are already Biometric Digital IDed. Although enrollment is voluntary, it is essential for participation in public and economic life in India.

— Satish (@Satish_B_India) January 14, 2023

GLOBAL DIGITAL ID PUSH:

• The United Kingdom introduced draft legislation for “identity verification” in order to simplify the use of digital public services.
• Sweden launched an inquiry into how the “state can issue an e-identification at the highest level of trust” to encourage citizens to use digital IDs.
• The European Union (EU) established the NOBID Consortium (Nordic-Baltic eID Project) to develop a digital wallet. The countries involved in the consortium include Denmark, Latvia, Iceland, Germany, and Norway.

BACKGROUND:

• American Faith reported that Bill Gates gave $200 million toward a global digital ID system.
• The World Economic Forum (WEF) has also partnered with Canada to create the “Known Traveler Digital Identity Project.”

Bill Gates Gives $200 Million Towards Global Digital ID System

WEF Gives Canada Over $100 Million to Create Biometric ‘Digital Identity Project’