Palm print technologies have begun rolling out in China and Amazon in the United States.
QUICK FACTS:
- Invasive palm print technology payments are underway in China and the U.S.
- A report by Tech Planet has revealed that social media platform WeChat has been trialed in Shenzhen, China’s fourth largest city.
- According to the report, users first have to submit their palm print, which they can then use to make payments at stores with specific scanners.
HOW MUCH MONEY IS INVESTED INTO DIGITAL IDENTIFICATION TECHNOLOGY:
- The palm biometric market is going through a period of substantial growth, currently forecasted to reach $531.37 million by 2027.
- The Bill and Melinda Gates Foundation recently donated $200 million to the United Nations’ global digital ID system.
- American Faith recently reported how the World Economic Forum (WEF) gave Canada roughly $106 million to launch its Known Traveler Digital Identity Project (KTDI), which some believe will use COVID-19 as justification to launch a digital ID tracking system.
BACKGROUND:
- Earlier this month, the Senate Homeland Security and Governmental Committee approved the Improving Digital Identity Act, a legal framework for digital ID systems for US citizens.
- Critics of digital ID systems say such systems raise privacy concerns, while supporters of these systems argue that they will help prevent identity fraud and improve economic activity by providing secure online transactions.
