Palm Pay will be made available to users for free and implemented progressively over 2024.
Soon, you'll be able to pay for your goods at stores all throughout the UAE by simply putting your palm in front of a machine. This implies that you should stop using your phones or bank cards to make purchases at cash registers.
According to Abdallah Abu Sheikh, the founder of the technology development company Astra Tech,
"the roll-out of the Palm Pay technology is planned to happen gradually throughout 2024."
At the Dubai Fintech Summit, the business introduced the payment option via its fintech subsidiary PayBy.
With the help of biometric authentication techniques, payments can be made with Palm Pay, a contactless palm recognition service. To verify transactions, payment terminals will scan the palm prints of their patrons.
"Within the local market infrastructure, we currently have a specific number of machines that will be used for testing. This will guarantee total preparedness for expanding to more than 50,000 PayBy retailers all year long,
according to Sheikh.
"We're working out the last few details to make sure Palm Pay launches without a hitch this year."
In order to allow consumers to link their accounts directly with the technology, the company is investigating integrating it with banks "in the future."
How customers can sign up
Users will not have to pay for the technology. Users will be able to register at the point of sale using the gadget itself during the first phase. Similar to how facial recognition authentication works now, the palm authentication procedure will be linked into apps (like PayBy and Botim) in the future to enable users to quickly update their accounts using their palm prints through an authentication function on their phone.
"They will then be able to pay for goods and services by simply waving their palms at any retailer that accepts this cutting-edge technology, offering convenience and instant access,"
Sheikh explained.
The company said the technology is a more secure alternative to traditional card payments and other payment technologies.
Integration
One key aspect of the technology is its integration with existing point of sale systems. Merchants keen on early adoption can contact their account managers to sign up.
According to Sheikh, the technology is versatile and scalable, though sectors with high customer traffic, like retail, hold significant potential. Palm Pay is deemed a cost-effective solution for merchants and promotes financial inclusion for the unbanked population.
News Source: Khaleej Times
