Janis is a cryptocurrency enthusiast and a bitcoin adherent. He has a background in video production, but for the past couple of years, he is a full-time crypto researcher and writer. He has a good understanding of multiple cryptocurrencies and loves to cover daily news. He considers himself a semi-bitcoin maximalist but always is open to any kind of new ideas that could be put on the blockchain. In his free time, he likes skateboarding and cars.
Amazon, an e-commerce giant, is reportedly working on the solution that will offer customers a possibility to pay for purchases with their hands instead of traditional credit cards.
Amazon, the company which once only focused on e-commerce, now is also a technology giant. But it just doesn’t stop there. Now the company has revealed its future plans to step into the financial game and wants you to pay with your hands not credit cards.
Amazon is now working on a system with which customers might be able to pay for their items with their palms or hands. This system is specifically for physical stores so that people could purchase their items at checkouts much faster.
This move by Amazon highlights the way the company is looking at our financial future. They want to transform the way people purchase things. In short – they just want to be even deeper into people’s financial lives. It is interesting that this financial transformation is led by such big industry players.
Amazon already holds a patent for a “non-contact biometric identification system” which features a “hand scanner”. The hand scanner then will provide a picture of a person’s palm.
Exactly how this is going to play out (we’ll have small chips implanted, or it will be some sort of a wearable), the company doesn’t disclose and the project itself is still in a very early stage. However, as early as it might sound, the company has already had talks with financial giants like Visa, Mastercard, JPMorgan Chase, Wells Fargo, and Synchrony Financial. Also, it is known that the company has started testing out the terminals with Visa.
Amazon Wants to Use Your Voice as Well
Recently Coinspeaker reported that Amazon announced its Amazon Go service, which is a new concept for grocery stores that don’t have a cashier or a checkout. Customers just grab their needed products and walk out of the shop. The payment processes through the app and happens after the customer has walked out of the shop. Some call this “the world’s most advanced shopping technology.”
Also, another technological breakthrough that Amazon is working on is a voice payment system Amazon Pay. The VP of Amazon Pay Patrick Gauthier believes that there is phenomenal potential for this technology. He compares it to mobile phones and e-commerce 10 years ago.
Additionally, not long ago, Amazon opened up a new effective way to pay in Bitcoin called Amazon Direct. The technology was developed by iPayYou.io, a Seattle-based company that makes Bitcoin a useful currency for the masses. A reliable and seamless wallet of iPayYou allows users to buy, sell, send, and receive bitcoin. It is interesting that its CEO is Gene Kavner, is a former worldwide director at Amazon.