Privacy concerns have been voiced since the device was introduced.
QUICK FACTS:
- Technology company Keyo has launched the Wave+ handheld vein scanner, a tool using biometric information for payments, ticketing, and other sources.
- The move comes as many have already expressed concerns over privacy breaches in the wake of the ongoing and increasing business of biometrics.
- The palm vein scanner from purportedly privacy-centered company Keyo is described as a “smartphone-sized screen” and promises SOC2 compliance for privacy protection.
- According to Keyo, the device can also be mounted on walls and support billions of users.
- The company foresees the technology being implemented at stores, hospitals, stadiums, airports, and other locations.
- “Building a biometric hand scanner capable of scaling to billions of users is a huge milestone for us, and is critical for our large enterprise customers who need to support global footprints,” said Co-Founder and CEO of Keyo Jaxon Klein.
- “I am so excited to see partners already developing innovative solutions leveraging the Keyo Wave+ and its customizable user interface for everything from processing payments, to redeeming tickets at arenas, to entering office complexes. The Wave+ is a game changer,” he said.
- Wave+ devices offer no-code integration tools, allowing those without a technology background to operate them.
FUTURE OF BIOMETRIC DEVICES:
- According to an ABI Research report on “Biometric Technologies and Applications,” the biometric industry is expected to grow from $7 billion in 2022 to $9 billion in 2027.
- Similarly, the report sees biometric locks growing from 9.3 million shipments in 2022 to 25.5 million in 2027 as smart home devices become more popular.
- Research analyst for ABI Research Lucas Steward said in a statement, “Given convenience and user experience, we see a trend of biometric verification often going through a personal device where possible, that being using your smartphone or other to capture or verify your own biometric data, where apps and web pages increasingly incorporate biometric means of authentication as a password replacement or way to verify oneself.”
- “Alongside the usability factor, this trend is underpinned by a clear need for mobility,” he continued. “In terms of standalone biometric devices, the need for mobility in these larger scale kits manifests with movement toward more handheld and portable devices.”
BACKGROUND:
- JPMorgan Chase is testing a pilot program for a technology that allows customers to pay for items using their face or palm prints, American Faith reported.
- “The evolution of consumer technology has created new expectations for shoppers,” said Jean-Marc Thienpont, head of omnichannel solutions for JPMorgan’s payments business. “Merchants need to be ready to adapt to these new expectations.”
- The payment service is expected to have 3 billion users by 2026.
