In order to incorporate palm recognition technology into digital payments, Tencent and Visa announced a major tactical collaboration.
Visa customers from banks like DBS, OCBC, and UOB will be able to participate in a pilot program where they can use” Give by Palm” technology at a few spots during the initial implementation in Singapore.
The technology was first introduced at the Tencent and Visa booths at the Singapore Fintech Festival ( SFF).
Users can make payments through the captain program at the Alchemist café in Singapore.
Google Financial Technology Asia Pacific’s General Manager, Yang Wenhui, presented the program during the SFF, highlighting both the impressive nature of the hand identification system and Tencent’s commitment to data security and privacy.
Mr Yang described the benefits of the system, emphasizing Tencent’s dedication to safety and technology that enhances customer comfort.
Through its Singapore conglomerate, Tencent SenseTech Pte. Ltd, Google plans to offer technical assistance and agree with Singapore’s information localisation requirements, ensuring privacy and conformity.
Adeline Kim, Visa’s Country Manager for Singapore &, Brunei, reinforced the firm’s perspective by sharing that almost 70 % of Singapore customers view biometric payment as secure, based on Visa’s recent biological research.
Kim emphasized the ease and safety that Visa’s new hand recognition system had provide, a sign that Visa is committed to improving customer experience.
Visa customers can sign up for the” Give by Palm” support through a one-time setup procedure at participating merchant sites.
The registration process involves tapping their Visa cards, scanning their hand, and completing a one-time verification. Users can simply flood their hand over the transaction terminal in response to this setup for upcoming transactions. Real cards or cellular phones are eliminated in participating merchants as a result of this method, which connects a Visa transaction token with the palm’s biological data.
The hand identification system used by Tencent has been developed using sophisticated security and privacy methods. The technology recognizes both hand prints and distinctive vein patterns below the skin, allowing a user to verify their palm through a dual-verification program.
This layered identification improves reliability and security, making it appropriate for a range of lighting conditions. Also, user data is encrypted and stored in an irreversible style, preventing it from being decrypted or misused by next events. This encryption strategy, according to Tencent, is intended to shield private data from fraud or use.
Google and Visa’s partnership is anticipated to give Singapore’s consumers a simple and safe way to make payments that make use of cutting-edge biometric technologies.
Tencent is pursuing fresh use cases in various sectors and is aiming to expand the range of applications for this technology through partnerships with other sectors. This step is in line with Singapore’s push for cutting-edge financial solutions, which positions Google and Visa as pioneers in biological payment technology.
