Am I Required to Show a Credit Card When Paying By Check?

Biometric technology has found a new world in retail. "Fingerprint payment" is used in some supermarket chains in the United States, and it is good for both retailers and consumers. But analysts point out that widespread adoption of this technology in large retail stores will take some time. You do nt need to bring a wallet or a credit card when you shop at the store, just scan your fingerprint when making a payment to complete the purchase. Large retail chains such as Wal-Mart and Kosco are weighing the advantages of customers scanning with fingerprints.

Touch payment

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Biometric technology has found a new world in retail. "Fingerprint payment" has been applied to some supermarket chains in the United States.

According to a report by retail analyst Koznov of consulting firm Sanford Bernstein, the use of this so-called "e-wallet" is most important to reduce the transaction costs of retailers and increase their profits. The report estimates that if retail costs, such as Wal-Mart's, decrease by 20% in the next few years, its earnings per share will increase by 3% to 4% by 2009.

Biometric

What benefits can this new payment technology bring to consumers? "The most important benefit for consumers is that once the service is registered, it will increase transaction speed and payment," said Scott Longdock, vice president of retail research at AMR Research, a U.S. market research firm. Process; the second benefit is of course security, because your identity has been confirmed, so your

However, there are some hidden concerns in biometric payment systems, the most important of which is the security of personal information. "The issue of personal information security is the number one reason many consumers resist using this biometric payment technology. Many people are reluctant to use ATMs or various self-services because they fear their information will be misused," Randock told reporters. .I think for retailers, especially the world s largest retailers, in order to promote the use of this technology, consumers need to know how their personal information can be protected and what are the benefits for consumers. But I think we still have That was not done. "

According to Rondock, the adoption of this payment technology is still in its infancy, and some smaller retailers have only acquired this technology to see how consumer acceptance and usage rate is. So, establish this with large retailers. Prior to this payment system, a personal information protection mechanism must be established.

Rondock also believes that widespread adoption of this payment technology will be a slow process and that it will take three to five years to promote its use in large retail stores.