Japanese bank offers loans via palm scans

The Ogaki Kyoritsu Bank in the Gifu prefecture of Japan has added a new service to allow its clients to use their palms for emergency loans. The regional bank states that these loans will be made available for up to one month after a natural disaster such as an earthquake. Loans will vary in size from $84 to $16800 USD for its 320,000 customers. An executive of the bank stated, “The palm vein authentication system allows us to offer emergency services promptly, and we will take advantage of the technology in a case of a major calamity.”

This initiative began after the Fukushima Tsunami and Earthquake in 2011 which left many stranded without documentation and IDs to access bank loans. The ATMs at the bank will be used to scan palm veins to verify customer identity and allow them to withdraw cash for rebuilding homes, buying necessary furniture and other daily essentials.