{"id":1556,"date":"2024-11-06T15:47:09","date_gmt":"2024-11-06T15:47:09","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1556"},"modified":"2025-01-16T16:12:36","modified_gmt":"2025-01-16T16:12:36","slug":"tencent-partners-with-visa","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1556","title":{"rendered":"Tencent Partners with Visa to Launch Palm Recognition Payments in Singapore"},"content":{"rendered":"\r\n

November 6, 2024<\/strong>\u00a0\u2013\u00a0Tencent<\/a>\u00a0has announced a strategic partnership with\u00a0Visa<\/a>\u00a0to bring its palm recognition technology to international markets, with an initial rollout in Singapore. The service, called \u201cPay by Palm,\u201d enables Visa cardholders from participating banks\u2014including DBS, OCBC, and UOB\u2014to make secure, contactless payments by scanning their palms. The pilot launch was unveiled at the\u00a0Singapore Fintech Festival (SFF)<\/a>, where attendees had the opportunity to try the technology at both the Tencent and Visa booths.<\/p>\r\n\r\n\r\n\r\n

As part of the pilot, users will be able to pay at Alchemist, a caf\u00e9 in Singapore, simply by waving their palm over the reader, eliminating the need for physical cards or smartphones. Future expansion plans for the Pay by Palm solution will be announced soon.<\/p>\r\n\r\n\r\n\r\n

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The partnership was presented by Yang Wenhui, General Manager at Tencent Financial Technology Asia Pacific, during his keynote speech on the first day of SFF. Mr. Yang highlighted the user-friendly experience, advanced technology, and privacy compliance measures that make Tencent\u2019s palm recognition system a compelling solution. Tencent, through its Singapore-based subsidiary Tencent SenseTech Pte. Ltd., is committed to supporting diverse industries and meeting data localization requirements.<\/p>\r\n\r\n\r\n\r\n

\u201cThis innovative solution represents our commitment to providing a simple, convenient, and secure way for consumers to pay,\u201d said Adeline Kim, Visa Country Manager for Singapore and Brunei. \u201cOur biometrics study shows nearly 70% of Singapore consumers find this a secure way to pay. Together with Tencent, we are excited to lead the way in transforming the future of payments.\u201d<\/p>\r\n\r\n\r\n\r\n

To enroll in Pay by Palm, users complete a one-time registration at a participating merchant\u2019s point of sale. They tap their Visa card, scan their palm, and perform a one-time authentication, after which their palm is linked to a Visa payment token. For subsequent transactions, they simply need to wave their palm to complete the payment at participating merchants.<\/p>\r\n\r\n\r\n\r\n

Tencent has prioritized security in its Pay by Palm service, developing advanced hardware and software to recognize palm prints and unique vein patterns under the skin, ensuring high accuracy even in challenging lighting conditions. User data is encrypted and stored irreversibly, protecting it from decryption, theft, or misuse.<\/p>\r\n\r\n\r\n\r\n

This collaboration represents a significant advancement in contactless payment technology, with Tencent and Visa aiming to enhance the convenience, security, and overall experience of digital payments for users in Singapore and beyond.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

November 6, 2024 – Tencent has announced a strategic partnership with Visa to bring its palm recognition technology to international markets, with an initial rollout in Singapore. The service, called “Pay by Palm,” enables Visa cardholders from participating banks—including DBS, OCBC, and UOB—to make secure, contactless payments by scanning their palms. The pilot launch was unveiled at the Singapore Fintech Festival […]<\/p>\n","protected":false},"author":1,"featured_media":1557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[2],"tags":[402,14,943,94,899,942,643],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t