Korean credit card companies plan to launch biometric payment system

Wednesday 13 June 2018 11:56 CET | News

Three major card companies – Shinhan, BC, and Hana Card have announced the development of 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, a Shinhan Card spokesperson said in a joint press release.

To implement this system, credit card companies signed a memorandum of understanding (MOU) with two IT service providers, LG-Hitachi and NICE Information& Telecommunication.

The companies said the payment method would be available at convenience store chains across the country in October 2018.

Lotte Card introduced the vein-mapping payment method when it launched its hand scan system in May 2017. Lotte Card is also likely to join the other card companies in implementing a finger-scan payment system, according to local media.

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Keywords: Korea, credit cards, Korean credit cards, biometric payment system, biometric credit card
Countries: World