According to CNN, Tencent is investing in Weixin Palm Payment, a biometric system launched in May for Weixin Pay users. Thanks to Weixin Palm Payment, users do not need to use smartphones or magnetic cards to board trains. Just hold your hand in front of the sensor, the infrared camera will analyze each fingerprint, vein pattern under the skin, then identify the user and process the payment within seconds.
Guo Rizen, a senior executive at Tencent, said that although this is not a new technology, Tencent wants to be the company that helps make palm scanning widely popular.
Tencent owns WeChat, a platform considered a "super app" in China. WeChat is not only a messaging app but also integrates social networking, online ordering and digital payments.
Tencent hopes palm payments can make people's lives more convenient
The global biometric payments market is expected to reach more than 3 billion users and be worth nearly $5.8 trillion by 2026, according to estimates from consulting firm Goode Intelligence. In 2023, JPMorgan cited the report when it announced a pilot program for its palm-based payment authentication software.
Guo claims the system is similar to facial recognition software but more accurate. Facial scanning technology can have trouble distinguishing between individuals like identical twins. But palm scanning technology can easily identify identical twins because their fingerprints and veins are completely different.
In addition, Mr. Guo said the app is an upgraded version of a system that some Japanese companies have long used, allowing employees to scan their palms to enter and exit office buildings. These systems require users to press their hands on a scanner, raising concerns about bacteria harbored on public equipment.
Meanwhile, Tencent and Amazon are both developing contactless payment systems. In 2020, Amazon launched a palm payment service that allows users to link their fingerprints to a credit card to make purchases at Amazon's cashierless stores.
Japanese tech giant Fujitsu also offers a contactless hand-scanning system to protect cybersecurity. Fujitsu's PalmSecure service allows users to scan their hands to authenticate online accounts instead of using passwords.
Tencent plans to make palm scanning an integral part of everyday life for Chinese people. For example, Tencent employees are using the system to enter the company cafeteria for lunch, saving them from having to run back to their desks if they forget their security cards, Guo said. In the southern Chinese province of Guangdong, more than 1,500 7-Eleven stores have also rolled out the service. At Supermonkey, a popular Chinese gym chain, about 2,000 users have signed up for palm scanning to check in and out of fitness facilities.
While he is optimistic about the response to the service, Mr. Guo stressed that it is still in its early stages. Whether it will be rolled out on a large scale will depend on market demand, and Tencent has not made any decisions on plans to expand the service overseas.
Some experts warn that this technology can pose many risks. Edward Santow, a professor at the University of Technology Sydney (Australia), said that although many consumers have accepted this type of payment to reduce their dependence on credit cards and mobile phones, privacy concerns remain high. Personal information collected on a large scale can become "delicious bait" for bad guys. If that information is stolen and sold on the black market, users will face great risks, Mr. Santow added.
However, Tencent said that security and privacy are always the company's top priorities, with users' biometric data stored in the cloud and encrypted for security. The scanning service is offered to users on an opt-in basis and allows users to set spending limits for authorized payments.
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