'Palm vein' biometrics for e-KYC payment

'Palm vein' biometrics for e-KYC payment

SCB's palm vein feature. Cards, apps and other paraphernalia are not necessary.
SCB's palm vein feature. Cards, apps and other paraphernalia are not necessary.

Banks plan to adopt biometric security for a wide range of financial services spanning from payment and lending to opening new deposit accounts through electronic Know Your Customer (e-KYC) technology.

Siam Commercial Bank (SCB) plans to use palm vein, a contactless biometrics technology, for identification and authentication for payments, said Srihanath Lamsam, executive vice-president for payment product solutions and management functions.

The technology will be installed on payment machines to offer consumers more convenience and security for payment, he said.

"Payment technology via palm vein does not require cash, plastic cards or a mobile banking app -- only a hand," Mr Srihanath said.

The bank is testing the digital payment technology on a closed-loop basis in its own sandbox. The technology is expected to be rolled out officially later this year.

The service's debut is also subject to the central bank's approval.

Initially, the personal authentication through palm vein will be used for shopping at supermarkets under a collaboration between SCB and The Mall Group, in addition to the existing innovative payment machine.

The biometric payment technology will also be available at SCB's banking agent partner, 7-Eleven convenience stores, Mr Srihanath said.

Payment via palm vein is an expansion from existing biometric tools of facial and fingerprint recognition. Palm vein payment is available in Japanese and South Korean department and convenience stores.

Bank of Ayudhya (BAY) also plans to expand facial recognition for new deposit account openings to other banking services like payment, lending and cash withdrawals in the next phase.

The new services are expected to be gradually implemented next year, said Thakorn Piyapan, head of digital banking and innovation at BAY.

New deposit accounts will be opened through e-KYC technology, scheduled to start in the fourth quarter this year. The bank aims for 10-15% of new deposit accounts to result from adopting innovative technology in the mobile banking app.


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