This partnership was unveiled during the Singapore Fintech Festival (SFF), where SFF participants were able to test the Pay by Palm solution on the Tencent and Visa stands. Pilot users can pay with their palms at Alchemist, a cafe in Singapore, whose expansion plans will be announced in the near future.

Yang Wenhui, General Manager of Tencent Financial Technology Asia Pacificannounced the partnership during his speech on the first day of the SFF. Mr. Yang introduced the principles and advantages of Tencent Palm’s palm recognition technology, highlighting Tencent Palm’s innovation in user experience and technology application, as well as its commitment to security data and respect for confidentiality. Through its wholly-owned subsidiary in Singapore, Tencent SenseTech Pte. Ltd, Tencent will provide a series of diversified services, such as technical support, to customers in various industries and comply with data localization requirements. Tencent is also open to collaborating with customers and partners from various industries to jointly explore the application of palm recognition technology in more use cases.

“This innovative solution represents our commitment to providing consumers with a simple, convenient and secure way to pay,” said Adeline Kim, Visa Country Manager for Singapore and Brunei. “According to our biometric study, almost seven in 10 Singapore consumers see this as a secure payment method. Our goal is to improve the payment experience and ensure that our customers can enjoy seamless transactions with the highest level of security. Together with Tencent, we are excited to lead the way in transforming the future of payments. »

Participating pilot users will need to complete a one-time registration at the merchant’s point of sale, where they will be asked to present their Visa card, scan their palm and complete a one-time authentication to register. They can then use their palm to pay later. Once registered, a Visa payment token will be linked to their biometric palm template, allowing them to make future payments at participating merchants by simply waving their palm – no cards or phones required.

In addition, pilot users can rest assured of security and privacy, which are the top priorities of Tencent Palm services. Tencent has developed hardware and software that can recognize individual palms in extreme lighting conditions. Tencent Palm offers a two-step process that checks both palm prints and unique vein patterns under the skin, ensuring highly accurate readings. Additionally, user data is encrypted to be stored irreversibly, preventing decryption, theft or reuse by other third parties.