"Palm payment" gains popularity in Kazakhstan

While many people use mobile payments, central Asian country Kazakhstan has introduced a "palm payment" system with about one million registered users and availability in over 15,000 retail outlets nationwide.

A Kazakh state-owned enterprise says Hong Kong can help their companies go global.

Grocery shopping in Kazakhstan's capital Astana can be done -- not just with mobile payments but also with your palms. This "palm payment" system was rolled out in November in capital Astana and Kazakhstan's largest city Almaty with about one million registered users. About one-third of residents are registered. According to the developer, one in ten customers uses palm payment.

Resident AIDANA: "I used to use my phone, so I'm getting used to pay by palm. Many people use their palm to pay because it's more convenient. "

The "palm" system can also be used at ATMs for cash withdrawals. Users scan their palm using infrared technology, which reads unique vein patterns and converts them into encrypted biometric data.

Kazakh Fintech Company CEO MIKHAIL LOMTDZE: "It's a really similar concept, but instead of your face, or instead of finger, you are using your hand. The palm is much more faster much more secure due to the technology behind it, but also the structure and the data points are extremely unique around the palm itself. Paying by face is not consumer friendly, consumer have different heights, so its difficult to move your face around. "

The company behind palm payment has also raised funds through a U.S. listing. Kazakhstan's national investment holding company said Hong Kong, as a leading global financial centre, could help Kazakh businesses expand internationally.

Deputy Chairman, Baiterek National Investment Holding TIMUR ONZHANOV: "What we are looking is for high quality investors, so investors who are really making an impact to the local economy. Hong Kong as a leading financial centre, a leading gateway to the Asian and also global market will provide an opportunity for the Kazakh business community to expand via Hong Kong, using the platform in Hong Kong to expand to further new markets."

During his recent Central Asia visit, Chief Executive John Lee held meetings with the company to discuss cooperation.