Fredrik Leifland, student at Lund University in Sweden, recently developed a vein-scanning payment technology similar to Biyo—formerly PulseWallet—that will allow consumers to pay by simply using their palm.
Leifland got the idea for the company two years ago while standing in line at the supermarket. His impatience led him to consider the possibility of a faster alternative to credit cards, and though vein scanning technology existed at the time, Leifland and his student-partners had to develop the payment system to work with the technology.
Currently, 15 stores and restaurants around the university campus use the Quixter terminals, attracting 1,600 users.
Leifland said the security of the technology offers an advantage over other payment technologies.
“Every individual’s vein pattern is completely unique, so there really is no way of committing fraud with this system,” Leifland said. “You always need your hand scanned for a payment to go through.”
Consumers interested in using the Quixter service must visit a supporting merchant and provide their Social Security number and an ID code—the last four digits of the phone number—and scan their palm three times at the terminal.
When making subsequent purchases, users simply place their palm over the scanner. Purchases are stored on an invoice, which is paid twice per month via direct debit from the user’s bank account.