Biometric technology is revolutionizing the financial and retail sectors. Established players and innovative disruptors are embracing biometric payments — which verify and process payments using a customer’s physical features (e.g., face or palm) — to provide transactions that are more secure, efficient, and personalized.
Tech giants like Apple and Google have already introduced facial recognition for payments. The space has also seen major investments from Mastercard and Alipay.
Now, Starbucks is piloting Amazon One’s palm payment system to enhance speed and convenience at the point of sale. Convenience stores like Energy Mart and Yahoo Japan are also exploring the potential of biometric payments through Amazon One and facial recognition technologies. Meanwhile, JP Morgan is experimenting with biometric payments in collaboration with select retailers.
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The post Companies from JP Morgan to Starbucks are adopting biometric payments tech. Here’s how the market is becoming more mainstream appeared first on CB Insights Research.
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