Technology giant Amazon is working to allow customers to connect their credit card information to their hands, so that they can scan for purchases with their palms at checkout areas in physical stores, people familiar with the project told The Wall Street Journal.
While Amazon’s plan is in the early stages, the company has reportedly begun working with Visa on testing out the terminals, and has discussed the project with Mastercard, JPMorgan Chase, Wells Fargo and Synchrony Financial.
The company previously filed a patent for a “non-contact biometric identification system” that features a “hand scanner” to produce a picture of a person’s palm.
The news offers a look into Amazon’s ideas on transforming the way people shop in brick-and-mortar stores, and how it could work with credit card companies to further integrate itself into people’s financial lives.
Amazon will have to address concerns from card issuers and customers over how terminals would detect fraud and the amount of personal information the company will receive from the scans.
Data collected from the terminals would be stored on Amazon’s cloud and used to study consumers’ Amazon.com spending habits, according to The Journal.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”