The international credit card giant VISA recently announced what they are calling a “new of era payments,” by presenting palm-reading terminals to facilitate transactions, among major innovations for the firm.
The next generation technology was unveiled on February 22nd in Singapore, on the same day the company officially launched the Singapore Innovation Center, a new hub for VISA in the Asia Pacific region, allowing for them to work clients there more easily and work on new innovations for the company.
VISA provided a brief description on their “pay-by-palm” technology:
Speed and convenience of biometric payments: Pay-by-palm is the next-generation payment technology that uses unique palm signatures for identity verification, a significant leap from the widely used fingerprint and facial recognition systems of today.
Visitors to the innovation center can experience hovering their palm over a reader, linking their unique signature to their payment card for a transaction. While still in early adoption stages, it’s already making waves in urban mobility in China and the retail sector in the United States. But it’s not just about convenience. Using Gen AI to analyze anonymized biometric and payment data, businesses can also gain valuable insights for personalized recommendations.
HardwareZone.com was present at the opening of the facility and where to get a sneak preview into the technology.
Kunal Chatterjee, Head of Innovation at Visa Asia Pacific, said in a statement at the event:
The future of biometric payments is promising and is set to revolutionize the retail experience. Biometrics has the potential to enable retailers to offer a more personalized and secure shopping experience. It simplifies the checkout process by using fingerprint and facial recognition, thereby reducing wait times, and eliminating the need for traditional payment methods. This not only enhances the customer experience but also increases efficiency. Furthermore, biometrics enhance security by ensuring only authorized personnel can access sensitive information.
The current pace of integration and acceptance of new technologies that we are seeing is very encouraging, and we expect to see biometric payments becoming more mainstream within the next decade.
This technology is identical to the Amazon One palm payment terminals, which is increasingly showing up in more stores. It is currently available at all Whole Foods stores in the United States.
One year ago JP Morgan-Chase also unveiled their facial recognition and palm-recognition payment systems. SEE: Megabank JP Morgan To Launch Facial Recognition And Palm Reader Payment System
VISA also noted in their press release the process of integrating payments with virtual and augmented reality. The company added:
From in-store displays and activations to virtual try-on experiences and navigation, AR and AI can be harnessed together to capture the opportunities that come with the evolution of e-commerce and the growing comfort of consumers with online shopping as well as contactless payments. AR combined with the predictive power of AI, supports a range of use cases, including AR-powered virtual shopping, navigation systems for brick-and-mortar stores, and even virtual fitting rooms, something that can be experienced at the new Visa Singapore Innovation Center.
On top of this, one week before VISA’s innovation center reveal, the company filed a patent to launch their own version frictionless technology that is similar to Amazon’s Just Walk Out; under the patent description of “biometric templates for privacy preserving authentication.”
VISA said in their filing: “If our personal devices could participate in external-facing authentication too, where biometric measurement is captured by a nearby external sensor, then we could also enjoy a frictionless authentication experience in a variety of physical spaces.”
The Daily Upside detailed the purpose of this technology:
The first step of Visa’s system starts with when a user is enrolled in biometric authentication, when it creates a biometric template that’s stored on a user’s device, which is then encrypted and digitally signed to attest to its authenticity. When a user wants to access a certain gated service, the user device verifies that digital signature to the service’s so-called “access device.”
Visa noted a host of different use cases for this, including quick and seamless payment at checkout, ATM withdrawals, and non-payment related activities such as allowing access to an apartment or matching biometrics to entrance tickets at amusement parks, convention centers or theaters.
With this system, the biometrics themselves don’t need to be verified by the access device, just the digital signature. Visa noted that this feature is an important benefit, as sensitive user data isn’t stored and collected “in some giant database, whose breach would be disastrous. Instead, the templates stay on the devices of the users to which they belong.”
AUTHOR COMMENTARY
This is, once again, another very important brick in the wall in establishing the eventual mark of the beast system.
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.
Revelation 13:16-18
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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