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BEIJING, Nov. 6, 2024 /PRNewswire/ -- On November 6, at the 9th Singapore Fintech Festival, Tencent's palm-swiping technology's overseas expansion plan was officially released, and it was announced that it would cooperate with Visa to introduce palm-swiping technology into the international payment market, with the first stop being Singapore.
In his speech at the forum on the first day of the Singapore Fintech Festival, Wenhui Yang, General Manager of Tencent Financial Technology Asia Pacific, introduced the principles and advantages of Tencent's palm scanning technology, demonstrating Tencent's innovation in user experience and technology applications, as well as its emphasis on data security and privacy compliance. Tencent will provide Tencent palm scanning technology services to customers in various industries through its wholly-owned subsidiary Tencent SenseTech in Singapore, provide palm scanning technology support and diversified services to the outside world, and manage data locally. At the same time, Tencent also sincerely invites customers and partners from various industries to jointly explore the application of palm scanning technology in various scenarios.
Adeline Kim, President of Visa Singapore and Brunei, said: "This innovative payment solution reflects our commitment to providing consumers with a simple, convenient and secure way to pay. Our biometric technology research found that nearly 70% of Singaporean consumers consider it a safe way to pay. Our goal is to elevate the payment experience and ensure that our customers can enjoy seamless transactions with the highest level of security. We are excited to lead the transformation of the future of payments together with Tencent."
In this cooperation, Singapore's DBS Bank, OCBC Bank and UOB Bank are the first to join the support. Users participating in the pilot can use palm-swiping technology to pay at Alchemist Coffee in Singapore. The expansion plan of the project will be announced later. Through the process guidance on the palm-swiping device screen, the binding and activation of bank cards and personal palm information can be completed in one go. After that, users only need to identify their palms in the air, without a mobile phone or card wallet, to quickly complete the payment process.
In terms of technology, Tencent's palm scanning technology also uses the dual-factor identification method of "palm print + palm vein". The uniqueness of the user's palm ID and the need for real-time liveness verification allow Tencent's palm scanning technology to achieve a media-free, contactless, and high-precision user experience. At the same time, it is also equipped with Tencent's advanced security technology, financial risk control and other technical capabilities. User data is encrypted, stored and transmitted in an irreversible manner, which can effectively resist attacks in the form of various forged information and comprehensively protect the user's payment security. In China, Tencent also continues to promote the establishment of industry standards and takes the lead in formulating industry standards for palm scanning technology. In the future, it will continue to conduct in-depth research to promote industry development with technological innovation.
About Visa
Visa (NYSE: V) is the world's leading digital payments company, serving consumers, merchants, financial institutions and governments in more than 200 countries and territories each year. Our mission is to connect the world through an innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to thrive. We believe that an inclusive economy enables everyone, everywhere to advance and progress, and that providing opportunities for all is the foundation of the future of money. For more information, please visit: www.visa.cn.
About Tencent
Tencent is a world-leading Internet technology company that uses innovative products and services to improve the quality of life of people around the world.
Our communication and social services connect more than 1 billion people around the world, helping them connect with their friends and family and enjoy convenient travel, payment and entertainment. Our fintech business covers payment, credit, wealth management, insurance and other sectors, and promotes the growth of partners' businesses and helps achieve digital upgrades through fintech and enterprise services. We also publish a number of popular electronic games and other high-quality digital content, bringing rich interactive entertainment experiences to users around the world.
Tencent was founded in Shenzhen, China in 1998 and listed on the Hong Kong Stock Exchange in 2004.
