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.
Korean credit card companies Shinhan, BC and Hana Card have developed a biometric payment system that approves transactions by scanning fingertip veins. The new technology is being tested in the South Korea city of Daejeon, where it has been used to issue more than 100 million cards since its launch last year. Lotte Card is likely to launch a similar finger-scan payment system, according to local media.