In Sweden they’ve chucked the credit card and have started paying with their hands
In an effort to move the payments business forward in Sweden, one city in the south of the nation has adopted hand scanning as a means of payment acceptance.
The news comes from Lund University who have said that vein scanning terminals have been installed in 15 shops and restaurants in Lund. The idea for using veins for acceptance came from an engineering student at the university two years ago.
Now, 1,600 people have signed up to use the system and it’s creator claims it’s both faster and safer than your traditional means of payment or through NFC payment.
“Every individual’s vein pattern is completely unique,” said researcher Fredrik Leifland. “So there really is no way of committing fraud with this system. You always need your hand scanned for a payment to go through.”
It’s a very similar system to biometric thumb scanning for authentication purposes, and the technology itself has been around for a few years now. However, it’s never been lent to the world of payments, so that took some tinkering to get right.
“We had to connect all the players ourselves, which was quite complex: the vein scanning terminals, the banks, the stores, and the customers,” added Leifland.
The potential for such a piece of kit could see it expand far beyond it’s small roll out in a Swedish city.
To sign up for the service, customers have to visit a shop or restaurant with the terminal, scan their palm three times, and enter social security and telephone numbers. Once done, a text message is sent to their mobile where they can then register their payment option of choice online and link bank accounts for payments to be taken out twice a month.
It’s weirdly like an alternative payment platform than a new layer of security. Unlike payment authorisation that lets you pay with your face, this requires users to actually register with a third-party application first.
Do you think paying with a swipe of the hand could take off?