Handwave Raises $4.2 Million to Launch Palm-Based Authentication Method

Handwave has raised $4.2 million in a seed round to launch its palm-based authentication method across Europe and the United States.

The company’s technology enables payments, age verification and loyalty programs to be done “with one wave of a hand,” according to its website.

“Using a combination of surface palm imaging and near-infrared vein mapping, Handwave creates an encrypted biometric template that never leaves your control,” Handwave said in a Friday (Aug. 1) post on LinkedIn. “The result? Secure, frictionless authentication with a single gesture — no devices, apps or wallets required.”

In an earlier post on LinkedIn, Handwave said palm biometrics provides users with greater control than facial recognition and greater security than face scans or fingerprints.

While facial recognition can be triggered passively, palm biometrics requires users to extend their hand and confirm the action, the post said. Plus, the palm’s “unique network of veins, geometry and motion” is difficult to replicate and can be verified with liveness detection, the post said.

Handwave’s seed round was led by Practica Capital, according to the post.

In its own Friday post on LinkedIn, the early-stage venture capital firm focused on Baltic founders said Handwave’s biometric payments and identification platform “is redefining how we pay and prove who we are — with just a palm.”

“The idea that you can securely pay or verify your identity with nothing but your palm—without even taking out a phone—is not just futuristic, it’s imminently practical,” Practica Capital Partner Arvydas Bloze said in the post.

The PYMNTS Intelligence and Visa Acceptance Solutions collaboration “Bridging the Gap: Helping Acquirers Meet Evolving Merchant Demands” found that acquirers are working to meet merchants’ and consumers’ demands for biometric authentication features like fingerprint and facial scans.

The report found that 55% of acquirers support biometric authentication and another 23% of acquirers plan to do so.

Credit unions also plan to offer biometric authentication. The PYMNTS Intelligence and Velera collaboration “Retention Roadmap: Credit Unions Drive Member Loyalty via Priority Alignment” found that 64% of credit unions plan to offer biometric authentication or digital identity in the next three years.

Amazon One, a biometric payment system that allows customers to pay with the palm of their hands, illustrates the growing demand for contactless solutions. PYMNTS reported in September that the technology had seen more than 3 million uses at more than 400 locations, including Whole Foods and Amazon Go stores.

The post Handwave Raises $4.2 Million to Launch Palm-Based Authentication Method appeared first on PYMNTS.com.