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Retail businesses racing toward biometric payments to increase speed and security

Retail businesses racing toward biometric payments to increase speed and security
 

New deployments, technologies and markets are driving the implementation of biometric payments systems for in-store and online purchases. Formula 1 racing’s Miami Grand Prix is expanding biometric payments for fans. Qualcomm is launching a new palm payment terminal with Telpo. And a patented palm biometrics system developed in the UAE by Astra Tech conjures images of sorcery with its contactless palm recognition tech.

J.P. Morgan Payments to deploy palm biometrics for F1 Miami

Formula 1 racing is the latest sport to embrace biometric payments on what looks like a long-term basis. A release from the Formula 1 Crypto.com Miami Grand Prix 2024 says the event is expanding its relationship with J.P. Morgan Payments to enable customers to buy merchandise at retail outlets using palm biometrics or facial recognition.

The biometric payments system will be deployed both in stores on the Miami International Autodrome campus and for online purchases. South Florida Motorsports (SFM), which organizes the Grand Prix, says the intention is to improve the retail experience for fans by reducing friction and time needed to make purchases. In a 2023 pilot that led to the expanded deployment – the first use of biometric payments at an F1 event – one hundred percent of transactions were authenticated and processed, each in under a second.

J.P. Morgan Payments’ system leverages a familiar one-time mobile biometric enrolment process in which users can register their palm or facial scan, which is then matched at point of purchase, either at an on-site shop or via a newly launched e-commerce retail store. Takis Georgakopoulos, global head of J.P. Morgan Payments, says the company’s biometric tools will “demonstrate how a modern, unified payments system can help businesses grow by reimagining their entire retail experience.”

Part of that reimagining involves making better use of data. The expanded relationship also gives SFM access to J.P. Morgan Payments’ Commerce Center, which allows the company to configure payment settings, search transaction history and access customer purchase data. In other words, it brings aspects of fintech into a trusted banking ecosystem, allowing merchants to tailor experiences based on insights and trends.

Tyler Epp, president of the Formula 1 Crypto.com Miami Grand Prix, says the biometrics payment system is in tune with the sport’s commitment to cutting-edge technology. “The expansion of biometric-based payments within our retail stores at the Miami International Autodrome is a great example of the innovative technology that the sport of Formula 1 is renowned for, which we want to be reflected across our campus.”

New palm payments terminal houses Qualcomm chip in Telpo hardware

Biometric payment options for retail purchases continues to be an area of interest for big names across the tech sector. A release says Qualcomm has partnered with Chinese smart terminal provider Telpo to launch a new palm payment device, the Telpo P105. The terminal’s biometric processing capabilities are powered by the Qualcomm QCM6125 system on a chip (SOC). Its hardware includes a 5.5-inch multi-touch display, RGB+IR dual-camera lenses, palm liveness detection, fill light, and a range of interfaces.

Telpo says the biometric payment machines will simplify payment processes to reduce transaction times, leading to shorter lines and a more streamlined shopping experience. Cost, of course, is also a factor, and Telpo says the P105’s interface requires minimal training and can replace human workers to reduce labor expenses.

Astra Tech brings some abracadabra to Palm Pay service

The United Arab Emirates is also getting its first contactless palm recognition service, in a patented technology from PayBy, a fintech subsidiary of the major consumer technology holding group Astra Tech. A press release includes standard-issue digital ID promises of increased efficiency and security in payments. What makes the contactless biometric system unique is the magic of its scanning mechanism, which enables customers to “effortlessly hover their palm over a device to make payments.” Designed for easy integration into existing POS systems, the service promises biometric palm authentication that is 1300 times more secure than facial recognition methods.

“The UAE is now home to a first-of-its-kind technology that simplifies and secures how our customers interact with the world around them,” says Astra Tech’s founder, Abdallah Abu Sheikh, in comments from the recent Dubai Fintech Summit. “Palm Pay exemplifies our drive to bring revolutionary technologies to the region and as the sole provider of this technology, we are proud to set new standards in the fintech sector and contribute to the UAE’s reputation as a global technology hub.”

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