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.
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Amazon Technology Enables Consumers to Pay with Their Hands
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.
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.