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Chinaâ€s tech giant Tencent recently joined up with Visa in a partnership that aims to bring palm recognition technology and enable digital payments. While the ultimate plan is to roll out palm payments internationally, the partners plan to start with Singapore.
How Will It Work?
According to the new deal, Visa cardholders from multiple Singapore-based banks, such as UOB, DBS, and OCBC, will join the pilot program, aiming to test the new technology.
The plan is for the participants to carry out a one-time enrolment at the merchant point-of-sale. During the process, they will be invited to tap their Visa card at the terminal, and then complete authentication by scanning their palm.
After they have enrolled, a Visa payment token will be issued and bound permanently to their palmâ€s biometric template. Thanks to this, they will be able to make all future payments with merchants who are a part of the program simply by placing their palm on the scanner. There will be no cards or phones required.
The new technology is the next step in securing financial transactions, and it goes beyond even wearable payment methods, such as rings, watches, bracelets, and alike.ÂÂ
Improving Customer Experience While Increasing Security
Speaking on the new palm-scanning technology, Tencent stressed the security credentials. The firm explained that there is a two-step process involved with the authentication system, which verifies both the palm prints, as well as the unique patterns of veins under the skin.ÂÂ
Meanwhile, all user data will be encrypted, and stored in a manner that is irreversible. This will prevent decryption, theft, or the very possibility that third parties might be able to access or reuse this data.
In other words, it could be the safest way to secure users financial information yet. Visaâ€s country manager for Singapore and Brunei, Adeline Kim, also commented on the new partnership. She said that, based on the companyâ€s biometrics study, around seven in ten consumers from Singapore see the new method as the most secure way to make payments.
This is why Visa is so dedicated to the program, as it aligns with its goal to enhance the payment experience while increasing security at the same time. That way, its customers get to enjoy seamless transactions, while their data and money remain safe, which is especially important during the current era of skyrocketing financial scams and fraud.
