Have you ever found paying by credit card too complicated or inconvenient? If so, you'll be happy to know that a new solution to this modern problem is currently being tested. Just raise your palms and accept the rulership of biometrics.
According to report From Reclaim the Net, Visa and Tencent have partnered to develop a new payment method recognition system. This method combines palm prints with something called “vein recognition.” The report goes on to say, “This is touted as more reliable than facial recognition, as facial recognition is reportedly more easily tampered with.”
Is your data worth a few extra seconds a day?
This new biometric technology is being rolled out and tested in Singapore and allows participating businesses to “embed palm scanners into payment terminals, which is convenient as it does not require the use of a physical device.'' It is advertised as.” As this description indicates, if a customer opts into this program, they only need to verify their identity and card credentials at the time of their first purchase.
Tencent and Visa original announcement This plan was created on 6 November 2024 during the Singapore FinTech Festival. At the conference, Yang Wenhui, general manager of Tencent Financial Technology Asia Pacific, introduced “Tencent Palm's innovation in both user experience and technology applications, as well as its commitment to data security and privacy compliance.”
Adeline Kim, Visa Country Manager for Singapore and Brunei, said of the program's goals: “Our aim is to enhance the payment experience and ensure that our customers enjoy seamless transactions with the highest level of security. We are excited to work with Tencent to lead the transformation of the future of payments. I'm excited about it.
Reclaim the Net says the program is part of a larger policy vision for Singapore. smart nation. Singapore has been working on this initiative since 2014, but it was recently announced. Smart Nation 2.0: “The Smart Nation 2.0 strategy will be continually iterated and adjusted as digital developments evolve. In close consultation with the public and businesses, we will revise our approach over time and adapt to technological advances and We will respond to new challenges.”
This innovative technology also comes with its critics. As the report notes, the trade-off for the so-called “convenience” of palm recognition systems comes at a high price. This is to take out your card or phone. ”
There seems to be a plan to expand Introducing this technology into other aspects of national life. “Tencent looks forward to working with various companies to advance palm recognition technology in applications such as payments, access control, and transportation.”
The report also raises the question of who will handle the biometric data collected by the system. “Singaporean customers may or may not be happy to know that it's the work of China's Tencent (through a local subsidiary).” [to handle the biometric data once it is collected]. Tencent is responsible for the palm recognition infrastructure. ”
This palm recognition technology developed by Tencent and Visa is just one example of new efforts to collect biometric data. Although in its early stages of development, Singapore's tendency to further integrate technology into society should serve as a warning to us around the world. The price of this convenience is very high, benefiting companies that do not have the public's best interests in mind. Is your data worth a few extra seconds a day?
