Japan is Testing a Unique System for Consumer Purchases
Meghan Young — April 18, 2016 — Tech
References: engadget
Consumer habits have just taken an interesting turn thanks to recent developments in Japan involving fingerprint shopping. Now, this isn't referring to shopping for fingerprints -- which would seem like an underground business if there ever was one -- but instead shopping by fingerprints. Foregoing cards and chips all together, the country is experimenting with the technology in a few places right now.
Currently available in 300 locations in a handful of areas (Atami, Hakone, Kamakura and Yugawara), fingerprint shopping hopes to expand nationwide by 2020, right when Tokyo is hosting the Summer Olympics. Of course safety and security is also a high issue. People won't like the idea of the government being able to track your shopping habits and more.
Currently available in 300 locations in a handful of areas (Atami, Hakone, Kamakura and Yugawara), fingerprint shopping hopes to expand nationwide by 2020, right when Tokyo is hosting the Summer Olympics. Of course safety and security is also a high issue. People won't like the idea of the government being able to track your shopping habits and more.
Trend Themes
1. Fingerprint Shopping - Opportunity for retailers to leverage fingerprint technology for seamless and secure shopping experiences.
2. Contactless Payment - Potential for eliminating the need for cards and chips by utilizing biometric authentication for transactions.
3. Data Privacy - Growing concern around the privacy implications of fingerprint shopping and the need for robust security measures.
Industry Implications
1. Retail - Retailers can adopt fingerprint shopping systems to improve customer convenience and reduce friction in the purchasing process.
2. Payment Solutions - Payment solution providers can explore integrating fingerprint authentication into their systems to offer more secure and efficient transactions.
3. Cybersecurity - Opportunity for cybersecurity firms to develop advanced encryption protocols and biometric security technologies to protect user data in fingerprint shopping systems.
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