In the future, one palm alone will be able to pay for goods. A new solution ushers in the era of eating out, shopping and banking without a credit card or a smartphone.
On May 16, Lotte Card announced that it will introduce the 'Hand Pay' Service, which will pay by way of palm veins, for the first time. The Hand Pay Service was first applied to Seven-Eleven Signature, an unmanned convenience store opened on the 31st floor of the Lotte World Tower in Jamsil of Seoul.
The Hand Pay Service works with palm veins and card information registered in advance. When a palm is placed on an exclusive terminal at the time of payment for a few seconds, payment is made through authentication. Lotte Card explains that a near infrared sensor of the terminal identifies intravenous hemoglobin elements so this method towers over other methods in terms of accuracy.
The Hand Pay Service is armed with strong security. Lotte Card converts vein pattern information into data that cannot be decrypted, and distributes them to the Bio Information Distribution Management Center of the KFTC (Korea Financial Telecommunications & Clearings Institute) and Lotte Card and stores them in the center and the company.
"The Hand Pay Service ushers in the BioPay era in which my body becomes a means of payment without cash, credit cards or smartphones," said Kim Chang-kwon, CEO of Lotte Card. "We will continue to make efforts to improve our service and expand our service merchants to allow our customers to experience more convenient, faster and safer fintech services."