Visa has partnered with Tencent to support the rollout of the latter’s new payments initiative, allowing consumers to pay with a palm scan.
Tencent’s palm recognition technology, Tencent Palm, is set to debut in Singapore with Visa cardholders from select banks participating in the pilot programme, including DBS, OCBC, and UOB. Currently, pilot users can pay with their palms at Alchemist, a café in Singapore, with plans for wider expansion anticipated soon.
To enrol, pilot users must complete a one-time setup at the merchant’s point of sale by tapping their Visa card, scanning their palm and authenticating their identity. Following this, a Visa payment token is linked to their palm’s biometric data, allowing them to make future payments at participating locations with their hand.
Adeline Kim, Visa Country Manager for Singapore and Brunei, commented: “This innovative solution represents our commitment to providing a simple, convenient, and secure way for consumers to pay.”
Security is a key motivating factor behind the adoption of this payment method, due to it eliminating the need to use a phone or card.
Tencent’s technology identifies individual palms in various lighting, using a two-step process to verify palm prints and vein patterns for accuracy. User data is encrypted and securely stored, ensuring it cannot be decrypted or misused.
This was emphasised by Yang Wenhui, General Manager at Tencent Financial Technology Asia Pacific, who announced the partnership at the Singapore Fintech Festival.
Furthermore, Wenhui stated that Tencent will provide a range of services, such as tech support for clients through its wholly-owned subsidiary in Singapore, Tencent SenseTech Pte.
Kim concluded: “Based on our biometrics study, close to seven in 10 Singapore consumers see this as a secure way to pay. Our aim is to enhance the payment experience and ensure that our customers can enjoy seamless transactions with the highest level of security.
“Together with Tencent, we are excited to lead the way in transforming the future of payments.”
Recently, Visa has been focusing on driving payment innovation in the Asia-Pacific region. Just last week, the company introduced a variety of digital wallet solutions to support QR code payment providers in the region, enabling them to accept these payment methods for in-store transactions.
