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January 20, 2020Blog Posts

Cash, Plastic or Hand? Amazon Envisions Paying With a Wave

Wall Street Journal

Amazon wants to make your hand your credit card.

The tech giant is creating checkout terminals that could be placed in bricks-and-mortar stores and allow shoppers to link their card information to their hands, according to people familiar with the matter. They could then pay for purchases with their palms, without having to pull out a card or phone.

The company plans to pitch the terminals to coffee shops, fast-food restaurants and other merchants that do lots of repeat business with their customers, according to some of the people. Amazon declined to comment.

Amazon, like other tech companies, is trying to further integrate itself into consumers’ financial lives, leaving banks and card networks on edge. Apple introduced a credit card last year, and Google is rolling out checking accounts. If the Amazon terminals succeed, they could leapfrog mobile wallets such as Apple Pay while expanding Amazon’s already-extensive access to consumer data.

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Did you know cashless payments benefit consumers and businesses?

The Strawhecker Group (TSG) has prepared an insightful infographic to explain the immense value both businesses and consumers get when cashless payments are used (debit and credit cards, Apple Pay, etc.).

Download Your Copy of the Infographic

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COVID-19 has made consumers rethink how they pay out of fear of touching cash. Now more than ever, it is important to explain the benefits of cashless payments to consumers, as well as the businesses they visit.  A recent TSG survey shows that nearly half of small businesses that accept cashless payments have seen consumers using or asking for these methods more often since the COVID-19 pandemic started.

So, you tell us – is the juice worth the squeeze?

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