Tencent Tech, 1/12/11
Shanghai fingerprint-based payment platform provider Live By Touch Holdings recently received RMB 500 mln in funding from investors including the China International Capital Corporation and Legend Capital, and plans to establish an overseas JV with Citibank for joint development of the overseas market.
Richard Li, managing director of Legend Capital, said that Live By Touch was the developer of PayByFinger, a payment service using biometric identification technology that already has partnerships with more than 10,000 companies and adds several tens of thousands of new users every day.
Live By Touch CEO Chen Xiaofeng said that users of the service would be able to make payments by placing their fingertips over a fingerprint reader on payment terminals. The terminal will send the users' fingerprint data to Live By Touch's system, which will locate the payment account that corresponds to the fingerprint and automatically transfer funds from the user's account to the business's account, completing the payment.