Pay with Your Palm–The Latest in Biometric Payment Technology
Biometrics has made tremendous strides in payment technology and user authentication. Iris scanning, fingerprint scanning, voice recognition – all of these innovations are trying to create a more secure financial environment.
The latest take on biometric technology comes from Chicago-based startup Keyo. The company has developed a way to connect a person’s card data with his or her palm. By hovering your palm over the device, you can pay for a transaction much like you would with a mobile wallet. The only difference is that you don’t have to pull out your smartphone. Everything is linked to your palm.
Keyo is still in the early stages of its growth, so its technology is only available in a few stores in Chicago. However, anyone can sign up for a free Keyo account on the website in preparation for the developments that come. Keyo also has a rewards program, so users can earn loyalty points every time they pay with their palm.
Like a traditional mobile wallet, a Keyo account can store multiple cards at once. Users can change their cards at any time using the app. When making a payment with the palm reader, the machine will show the last four digits of the card it is going to charge. If that is not the right card for the transaction, there is a button on the screen to change the card or cancel the purchase altogether.
It may be a while before Keyo spreads throughout the United States, but shows just how far biometrics have come and what the future looks like for the payments industry.