Tencent, Visa to Pilot Palm-based Payments in Singapore

Tencent and Visa have announced a strategic partnership to implement palm recognition payment technology in Singapore, marking a significant development in the country’s biometric payment landscape. The initiative, unveiled at the Singapore FinTech Festival (SFF) 2024, builds on Singapore’s established position as a testing ground for advanced payment technologies.

The technology allows users to make payments by scanning their palm at payment terminals, eliminating the need for physical cards or mobile devices. Singapore-based Visa cardholders from DBS, OCBC, and UOB can enroll in the service at participating merchants, with Alchemist café serving as the first implementation site.

The system employs a dual-layer verification approach that combines palm print patterns with vein recognition, making it effective even in challenging lighting conditions. Unlike facial recognition systems, which can be vulnerable to spoofing attacks, palm recognition requires the presence of living tissue for authentication.

The implementation comes as Singapore continues to advance its Smart Nation initiative. Local banks have previously implemented biometric authentication systems, including OCBC’s deployment of face verification at ATMs in 2021.

Tencent, through its Singapore subsidiary Tencent SenseTech Pte. Ltd., will manage the technical infrastructure while ensuring compliance with local data protection regulations. The company has confirmed that all biometric data will be stored locally in Singapore, adhering to the Personal Data Protection Act (PDPA) requirements.

The collaboration reflects a growing trend in biometric payment solutions in Southeast Asia. Other payment networks have recently announced similar initiatives, including Mastercard’s partnership with NEC for biometric payment systems.

Sources: The Straits Times, The Business Times

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November 6, 2024 – by Cass Kennedy