Bold Commerce is leveraging biometrics to enhance the speed of checkout through a partnership with Wink. The new checkout platform will reduce customer friction, enabling consumers to verify their identity using facial or voice recognition biometrics, both online and in-store.
Once verified, saved details such as payment preferences, login credentials, and shipping details will automatically populate, saving time and reducing the hassle of manually entering information at checkout. According to Bold, this effort will triple the speed of the entire checkout process while also reducing the occurrence of fraud.
What Are Biometric Payments?
Through biometric payments, consumers can complete their purchases via the authentication of unique physical characteristics such as iris scans, facial images, and fingerprints. This type of payment method speeds up the checkout process, letting consumers not have to worry about remembering numerous usernames and passwords.
Biometric payments are revolutionizing digital payments, making them faster and more convenient. More businesses are keen on delivering this type of value and adopting biometrics to improve the checkout experience, working to eliminate cart abandonment and offer a more secure payment method.
In March 2023, Panera Bread became the first restaurant to leverage Amazon One’s palm reading payment and loyalty system in its locations. Panera customers are able purchase food at the cafe’ simply by scanning their unique palm print—and also access their loyalty program at the same time. A few months later, Amazon launched its Amazon One palm payment solution in all Whole Foods stores and at select Starbucks locations.
The appeal of making payments with a palm gesture or eye scan is on the rise. Although other payment methods including mobile commerce, digital wallets, and cash remain relevant, biometric payments offer an additional convenient option at the point-of-sale.
