250 CEOs and senior managers of companies in the country took part in the research
uae23 hours ago
Current modes of payment, such as credit cards and digital applications, will soon be history in the UAE as residents will no longer need these tools for payments and withdrawal of cash.
A solution to provide faster, seamless services using the palm of the hand, which will be linked to entities in the public and private sectors, this 'palm ID' tech is being developed by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), in cooperation with the Central Bank of the UAE.
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Being showcased at the ICP’s stand at Gitex Global 2024, the solution is currently in the trial-and-development phase and is part of the UAE Vision 2031 programme.
“It is at the last stage of development. The palm veins of each individual are different. People will provide palm biometrics at the ICP platform, which will be linked to the personal profile of the individual. Enrolling palm biometrics will ensure accuracy of the individual's details. People can make payments or withdraw cash using the palm from ATMs. This project is in collaboration with the Central Bank of the UAE. Work on regulations and policies is underway,” an ICP spokesperson told Khaleej Times on the sidelines of the Gitex Global 2024.
UAE entities have been aggressively investing in the development of new technologies and solutions to provide a better quality of life for citizens and residents. Unlike facial recognition, palm vein technology is believed to be less intrusive. Individuals can register their palm biometrics with ICP using their Emirates ID card or other options made available.
“This mode of palm vein payments can also be used at crowded places like metro stations to make it easier for people to access services. Instead of a metro card, people will be able to use a palm to access the metro. It is also highly secure because you can not share details with others, which sometimes people do for their credit cards,” said an ICP spokesperson at Gitex 2024.
He said the UAE will be the first country in the Middle East to roll out this new technology. “Once all the requirements are put in place, it will be rolled out for the public,” he added.
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