July 12, 2020

Amazon dreams of turning your hand into a credit card

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The American giant has filed a patent application for a “contactless biometric identification system,” reveals the Wall Street Journal.

Amazon aspires to reduce the bank card to its primary condition: a simple piece of plastic. The American online giant dreams of making your hand a means of payment. How can this be achieved? By developing terminals that can recognize palm prints. These would be installed in caf├ęs, fast-food restaurants or any other business with a loyal customer base, as revealed by the Wall Street Journal, whose article is relayed by our colleagues in L’Opinion, Tuesday 21 January 2020.

The finance and technology sectors are closely scrutinizing Amazon’s plans to multiply innovations in the field of payment. Jeff Bezos’ firm has notably launched its Amazon Go stores, cashless mini-markets where the consumer can leave the shop without stopping to pay. The company has also launched Amazon Pay, a 2.0 portfolio that allows payments to be made at non-Amazon online merchants.

While innovations in online payment are still in their infancy, Amazon has already started to build partnerships with professionals in this highly coveted sector. For example, the Seattle-based firm has partnered with Visa. The goal? To experiment with transactions on the famous hand terminals. Negotiations are also under way between the company and card issuers, still around this project. But one question burns on the lips of all card issuers: Does Amazon intend to collaborate with them or compete with them? Jeff Bezos will have to reassure them, as will potential customers who may be reluctant to provide sensitive data to the giant.

Still, the firm is wasting no time and recently filed a patent application for a “contactless biometric identification system” that works with “a hand scanner that generates images of the user’s palm,” the Wall Street Journal reports.

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