Palm Recognition: The Next Big Thing in Digital Payments' Future

Published Date: 22/07/2024

Palm recognition payment systems are being piloted and launched by prominent players in the industry, marking a shift towards a more convenient and secure biometric alternative to mobile wallets.

"The digital payments landscape is on the cusp of a revolution, with palm recognition technology poised to take center stage. Over the past year, industry giants such as WeChat, Visa, Amazon, and Mastercard have been piloting and launching their own palm recognition payment systems, signaling a seismic shift towards a more convenient and secure biometric alternative to mobile wallets.

In recent months, Amazon One, Amazon's own palm payment system, was launched across its Whole Food Market US chain, while Mastercard piloted its palm recognition payment in Uruguay in partnership with Ingenico. Visa also showcased its own palm recognition payment technology at one of its innovation centers, and WeChat's system, launched in May last year, is now available in subway stations and convenience stores across major cities in China.

The move towards palm recognition is not surprising, given the limitations of other biometric recognition methods. Fingerprint recognition, for instance, requires physical contact on the scanner glass, which is not ideal in the post-pandemic era. Facial, iris, and voice recognition, on the other hand, are not ergonomic enough or ideal in certain environments, making them less suitable for payment authentication.

Palm recognition, on the other hand, offers a seamless process that is superior to what is currently available. The process is not much different from waving a payment card or mobile phone NFC over a POS terminal, making it an attractive option for consumers. Moreover, palm recognition can incorporate the reading of veins under the palm, combining the palm print and vein patterns to offer an additional level of security.

This increased security, combined with the convenience of palm recognition, is likely to win over even the most skeptical consumers. As industry experts predict, biometric payments will become mainstream within the next decade, with palm recognition leading the charge.

Company   

  Amazon  Amazon is an American multinational technology company that focuses on e-commerce, cloud computing, and artificial intelligence.

  Visa  Visa is a multinational financial services corporation that facilitates electronic funds transfers throughout the world.

  Mastercard  Mastercard is a multinational financial services corporation that provides payment processing and other financial services.

  WeChat  WeChat is a Chinese multi-purpose messaging, social media, and mobile payment app developed by Tencent Holdings.

  Ingenico  Ingenico is a French-based company that provides payment solutions and services."

FAQs:

"Q: What is palm recognition payment?

A: Palm recognition payment is a biometric payment method that uses palm print scanning to authenticate transactions.

Q: Is palm recognition payment secure?

A: Yes, palm recognition payment is far more difficult to replicate than NFC or QR, and can incorporate the reading of veins under the palm to offer an additional level of security.

Q: What are the benefits of palm recognition payment?

A: Palm recognition payment offers a seamless and convenient process that is superior to what is currently available, with no need to take anything out of the purse or pocket or unlock a device when making payments.

Q: Will palm recognition payment replace mobile wallets?

A: Industry experts predict that biometric payments, including palm recognition, will become mainstream within the next decade, potentially replacing mobile wallets as the preferred payment method.

Q: Which companies are piloting palm recognition payment?

A: Prominent players such as WeChat, Visa, Amazon, and Mastercard have been piloting and launching their own palm recognition payment systems."

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