[Sponsored Report] Lotte Card introduces ‘pay with your palm’

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[Sponsored Report] Lotte Card introduces ‘pay with your palm’

Published: 25 May. 2017, 20:12

Lotte Card’s unprecedented Hand Pay service allows customers to pay with their palm. [LOTTE CARD]

Lotte Card launched Hand Pay, the first system in the world that can process payments with the scan of one’s palm, on May 16. The payment method was made available at 7-Eleven Signature, an unmanned 7-Eleven in the Lotte World Tower in southern Seoul.

Lotte Card’s Hand Pay allows customers to pay using an individual’s distinct vein pattern on the palm as identification. It is the first bio payment service in the world, allowing people to pay with the unique information embedded on their body.

Hand Pay maximizes convenience when paying because customers do not need credit cards or even smartphones.

The system registers a customer’s palm print and disperses it to separate servers run by Lotte Card and the Korea Financial Telecommunications & Clearings Institute, so even if the data is stolen, it has no meaningful value to hackers.

In order to pay, the customer simply places his or her palm near the scanner, and the near-infrared ray will read the palm’s veins.

The company plans to expand Hand Pay service to other retail chains including conventional 7-Elevens, Lotte Mart and Lotte Department Store.

“The service indicates that now people can pay without cash or credit card, or even smartphones,” said Kim Chang-kwon, CEO of Lotte Card. “It marks the beginning of the fourth industrial revolution in the finance industry. We will try our best to provide customers with safe and fast financial technology and continue to improve our system.”