Korean credit card company Lotte Card recently launched 'Hand Pay' as a biometric payment service in the world that allows shoppers to pay for their purchases simply by scanning the palm of their hand at the checkout counter.
The system works by reading an individual's unique vein patterns, meaning that a consumer will need neither their smartphone or credit card to complete a transaction at terminals where this technology is offered. Aside from offering greater convenience, the system also prioritizes security; even if a hacker does manage to steal private data, it is said to be dispersed in a way that will have no value.
Currently, Lotte Card's Hand Pay system may be used at 7-Eleven Signature, an unstaffed location inside the Lotte World Tower in Seoul, Korea.
Why This Trend Is Growing
- Biometric Payment Systems
- The rise of biometric payment systems like Lotte Card's Hand Pay opens up opportunities for secure and convenient payment options.
- Vein Pattern Technology
- The use of vein pattern technology in payment systems provides a unique and secure method of transaction authentication.
- Contactless Payments
- The advancement of contactless payment technologies, such as palm scanning, offers a frictionless payment experience for consumers.
Industries Being Reshaped
- Credit Card Companies
- Credit card companies can explore integrating biometric payment systems to enhance convenience and security for their customers.
- Retail Industry
- The retail industry can leverage biometric payment systems to streamline the checkout process and enhance customer experience.
- Technology Providers
- Companies specializing in biometric technology can capitalize on the growing demand for innovative payment solutions by developing and providing vein pattern authentication systems.
