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Korea: Credit Card Companies Develop Bio-metrics Payment System

Korea: Credit Card Companies Develop Bio-metrics Payment System

Convenience stores card holders can now pay with their fingertips

Shinhan, BC, and Hana Card, three major card companies are creating a biometrics payment system that authorizes transactions by scanning fingertips.

"Payment authorizations based on fingertip veins is both convenient and secure, and we forecast it will become the main biometrics authorization method for offline payments. We at Shinhan, BC, and Hana Card will try to provide customers with the best service in the future 'deviceless' era where payments will be possible without credit cards or smartphones," a Shinhan Card spokesperson said.

A memorandum of understanding has been signed by credit card companies with two IT service providers, LG-Hitachi and NICE Information& Telecommunication, to implement this system. In October, the payment method would be available at convenience store chains across the country.

Although simple to use, fingertip veins, scanned using infrared light, cannot be easily copied like fingerprints.

The vein-mapping payment method was introduced by Lotte Card when it launched its "hand scan" system last year. In implementing a finger-scan payment system, Lotte Card is also likely to join the other card companies. In Japan and parts of Europe and the U.S., payment systems using finger veins have already been implemented. PWKD12062018

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