Palm scans as a method of payment might still sound like a far off concept, but a Lund University engineering student has created a company that implements the technology and has been recruited in a number of small businesses already. From Lund University:
Fredrik Leifland got the idea for his start-up two years ago when he was standing in line at the supermarket. Growing impatient, he knew there had to be an easier and quicker way than using credit cards, and together with a group of classmates at Lund University he soon discovered biometric solutions. While vein scanning technology already existed, there was no system for actually using it as a form of payment.
“We had to connect all the players ourselves, which was quite complex: the vein scanning terminals, the banks, the stores and the customers. The next step was finding ways of packaging it into a solution that was user friendly”, says Fredrik.
Their solution worked. There are currently 15 stores and restaurants mainly around the Lund University campus that use the terminals, with 1,600 active users.
Security is a major advantage of the technique, according to Fredrik.
“Every individual’s vein pattern is completely unique, so there really is no way of committing fraud with this system. You always need your hand scanned for a payment to go through”, he clarifies.