Soon in the UAE: Open a bank account, withdraw cash with a wave of the hand
Guide: How the Palm Vein project by ICP will change the way you complete transactions
Imagine being able to get through daily tasks without having to carry your wallet with you. The ‘Your vein is your identity’ project by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) aims to make it possible for citizens, residents, and visitors to complete official procedures by just scanning the palm of their hand.
Just like your fingerprint, the veins on your palm are also unique to each human being, and at the ongoing Gitex Global 2024, the ICP is displaying their latest technology, which when implemented will allow people to use it as a way to verify their identity for tasks like opening a bank account or withdrawing cash. As the verification only requires the palm of your hand, it is a more convenient option for ID verification and provides a higher level of security due to the absence of any visible bank data that can be shared or stolen, according to the ICP.
How will the ‘Palm Vein’ project work?
Users will have to first register their palm vein using their Emirates ID through the ICP’s system. The process is straightforward and quick, and once your palm’s vein has been scanned and registered, they will be linked to your Emirates ID. This project works in conjunction with another of ICP’s projects, that is integrating the databases of different government departments to make life easier for people in the UAE. Government, semi-government, and private sector entities in the UAE can easily access the ICP’s database to verify the identities of customers and clients to complete procedures through the ‘enterprise integration’ that is already in place.
Three ways in which the palm vein technology will be used
1. Verifying identity to complete tasks – the Palm Vein ID will allow you to complete procedures like withdrawing money from the ATM without the need for a debit card.
2. Making payments – you will also be able to make payments, without having to pull out your phone’s wallet payment or your credit or debit card.
3. Withdrawing cash from regular shops – perhaps one of the most unique use cases of the Palm Vein project is the ‘cashback’ option, allowing customers to be able to withdraw money even if there is no ATM nearby. According to ICP, the palm vein verification system will allow users to request the merchant for cashback, depending on an agreed upon amount. For example, if you have bought coffee and breakfast for Dh50 and would also like to get Dh50 as cash, you can speak to the coffee shop that has the palm vein ID systems in place. Then, once you agree on the amount, you can simply use your palm as an ID and pay for your breakfast as well as get Dh50 in cash from the cashier, with Dh100 being deducted from your bank account.