Wirecard is introducing a smart payment terminal at which consumers can pay by scanning their palm. The new prototype will expand Wirecard’s portfolio in the area of biometric payments and enable fast, convenient payments without any further proprietary infrastructure. „This method will be able to replace traditional cash registers in the future.”, according to the press release.
Wirecard is thus complementing its facial recognition-based IoT shelf launched in 2018, and is once again showing what the shopping and payment experience could look like in the future.
„The new solution is not only suitable for use in the retail industry, but is also ideal for admissions at events such as music festivals and sports events, or in the mobility sector including public transport or at the airport. Consumers experience a seamless, digital payment and shopping experience and can even leave their smartphones or wallets at home.”, company said.
According to recent international research conducted by Oxford University in collaboration with Mastercard, the vast majority of consumers (93%) prefers biometrics over passwords for validating a payment.
Jörn Leogrande, Executive Vice President of Wirecard Labs, said, “At Wirecard, we strongly believe that biometrics will follow smartphones as a major means of payment and replace passwords in the future. With the new palm scanner, the advantages for consumers are clear. The scanner is fast, simple and extremely secure due to the uniqueness of everyone’s palm. We want to shape the future of the retail industry and consumer experience, and for this reason are already developing tomorrow’s technologies today.”
The Smart Biometrics solution works by allowing registered customers to place their palms on the biometric scanner for identification. This triggers a real-time payment via the digital Wirecard Financial Commerce Platform.
„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.”