South Korea testing palm vein payments
05 January 2017 14:43 GMT

South Korea will test a new palm-vein based payments system, the Financial Services Commission (FSC) said on Wednesday in a policy briefing.

The pilot project will be launched in the first half, according to Pulse News.

The FSC will encourage card issuers to introduce a pilot program for biometric authentication system using vein scanners to test the efficacy and security of the system before full application.

In November 2015, the FSC revealed plans to develop standards for biometric identification that is used to authenticate digital transactions.

In a document on the increasing popularity of e-payments, the Bank of Korea revealed that the Committee on Financial Informatization Promotion (CFIP) will develop the technical standards before the end of the first half of this year, and then test such services in the latter half with domestic commercial banks. “Some banks have already introduced fingerprint recognition, but the technique has been rather limited due to the high costs,” the Bank of Korea explained, reported Business Korea, “These days, the focus is shifting to vein and iris recognition, and many ATMs outside of Korea allow cash withdrawal based on the biometric information in users’ veins in their fingers, palms, etc.”