Lotte Card’s Hand Pay allows customers to pay using an individual’s distinct vein pattern on the palm as identification. It is the first bio payment service in the world, allowing people to pay with the unique information embedded on their body.
Hand Pay maximizes convenience when paying because customers do not need credit cards or even smartphones.
The system registers a customer’s palm print and disperses it to separate servers run by Lotte Card and the Korea Financial Telecommunications & Clearings Institute, so even if the data is stolen, it has no meaningful value to hackers.
In order to pay, the customer simply places his or her palm near the scanner, and the near-infrared ray will read the palm’s veins.
The company plans to expand Hand Pay service to other retail chains including conventional 7-Elevens, Lotte Mart and Lotte Department Store.
“The service indicates that now people can pay without cash or credit card, or even smartphones,” said Kim Chang-kwon, CEO of Lotte Card. “It marks the beginning of the fourth industrial revolution in the finance industry. We will try our best to provide customers with safe and fast financial technology and continue to improve our system.”
Source: Korea Joongang Daily