It was reported that Amazon is currently developing a hand recognition payment system. The system operates by having a customer link a credit or debit card to a biometric scan of their hand. Information from a scan could then be stored on the Amazon cloud.
It was also reported that Amazon is currently testing the hand-based payment system in a collaboration with Visa.
Amazon’s hand recognition payment system would be ideal for businesses that have repeat customers, as it would streamline the customer experience by making the payment process faster. A large number of consumers may be willing to share biometric scans of their hand if it meant that they would receive faster services for routine purchases.
Hand Recognition Payment Systems
Amazon Technology Enables Consumers to Pay with Their Hands
Trend Themes
1. Biometric Payment Systems - The development of hand recognition payment systems like Amazon's opens up opportunities for businesses to explore biometric payment options for a streamlined customer experience.
2. Cloud Storage for Biometric Data - The ability to store biometric scan data on the cloud provides innovative opportunities for secure and easily accessible customer identification.
3. Collaboration with Financial Institutions - Partnerships between tech giants like Amazon and financial companies like Visa can lead to disruptive innovations in the payment industry.
Industry Implications
1. Retail - Hand recognition payment systems have the potential to revolutionize the retail industry by speeding up payment processes and enhancing customer convenience.
2. Technology - The development of hand recognition payment systems requires advancements in biometric technology, making it a key focus for tech companies.
3. Finance - The collaboration between Amazon and Visa highlights the potential for disruptive innovations in the financial industry, particularly in the area of secure biometric payment systems.