\n<\/p>\n
He noted that the system has since gained traction through feedback gathered from partners and users.\u00a0<\/p>\n
After successful trials, the Palm Pay system has been deployed in the Singapore Institute of Technology where students can use it to buy food at canteens.<\/p>\n
Mr Ng said Tencent is preparing to roll\u00a0it out to local bank partners as well, including DBS, OCBC and UOB.<\/p>\n
\u201c(This is) why the pilot is important, because it allowed us to iron out all the possible operational issues. Because it’s (not just) new to the bank, it’s new to the merchant front line,\u201d he noted.<\/p>\n
But using such convenient tech could come at the cost of security, experts say.<\/p>\n
Artificial intelligence and deepfake technology could be used to create fake versions of palms, cybersecurity observers previously told CNA. Liveness detection is one way to detect if identities are spoofed or impersonated.<\/p>\n
Mr Mohit Mehrotra, financial services industry leader at Deloitte Southeast Asia, said scam and identity issues will naturally arise when new and exponential tech is implemented.<\/p>\n
\u201cBut given how our system works together with their files, merchants, consumers, regulatory narrative, data protection acts, our national identity ecosystem \u2013<\/span> it just puts in place a good foundation for us to progressively tackle issues that come along,\u201d he added.<\/p>\n Such tech should be able to work with other payment systems that are already available, which could lead to a smoother and smarter payment experience in tandem with the right safeguards, said Mr Mohit.<\/p>\n In terms of whether the use of biometric data is a concern, he said this cannot stop the world from progressing and modernising.<\/p>\n \u201cWe just need to make sure we strengthen our defences, whether through a regulatory narrative (or) through the use of technology to make it better,\u201d he noted.<\/p>\n<\/div>\n