Keyo, a biometrics-based payment start up, have been making great strides in eliminating payment methods. Currently, biometrics are primarily used for NFC payments. It requires you to carry your phone and use your finger. Keyo eliminates the need for a device altogether.
Keyo works by mapping the blood vessel patterns in users’ palms. The users can wave their hand over updated POS systems and see transaction options. Keyo allows users to store multiple cards and see transaction history via an iOS app.
I believe this a great thing for electronic payments. Although, fingerprint sensors are secure, they can be falsified by removing people’s thumbs or using scotch tape. Keyo uses blood flow patterns that cannot be replicated. It eliminates the needs for cards and keys. This product is destined to be ported to more grand items, such as cars and homes.
Keyo is in early stages of testing in Japan. It will take a few years for big retailers to use this technology at store locations. Until then, this is a cool but impractical technology. This company will pioneer this new payment method.