From apple Face ID enabling app purchases to Amazon’s pay-by-palm technology in stores, biometric payments are becoming more common in the U.S. Retailers are embracing the technology, looking for new ways to expedite payments, and improve self-checkout as it has hit some road bumps at its initial implementation. Customers want more options for payments and now retailers are addressing some of those issues.
As technology evolves so does the need for retailers to adapt and offer customers what they need. Biometrics technology comes with some security and privacy concerns, but research forecasts over $3 trillion in mobile biometrics payments by 2025. The focus on biometrics is to verify identity, replacing the password and speeding the payment process. In other countries like china, biometric payment systems are more common and have been adopted widely by society.
We will continue to monitor technology advancements in the industry and share with you the latest information.
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