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Handwave lends a hand to retailers with its European alternative to Amazon’spalm payments
Latvia's Handwave offers a contactless palm-recognition payment solution aimed at retailers, competing with Amazon’s established Amazon One. The startup plans market pilots with its own hardware while collaborating with major financial institutions. With a recent $4.2 million funding, Handwave aims to simplify checkouts in Europe, demonstrating compliance before possibly expanding to the U.S.
Key points
- Handwave is developing a contactless payment system using palm recognition, similar to Amazon One.
- Amazon's solution has gained traction, being used over 8 million times, primarily in its own stores and select retailers.
- Handwave's palm scanning technology will reduce transaction times and costs for retailers.
- The startup is targeting European markets first to establish credibility before entering the U.S.
- Handwave secured $4.2 million in seed funding to advance its technology and deployment efforts.
Why it matters
- The rise of biometric payments, exemplified by Amazon One and Weixin Palm Pay in China, indicates a significant shift in consumer payment methods.
- Handwave's development is part of a broader trend towards contactless payments accelerated by the COVID-19 pandemic.
- The European Union's strict regulatory landscape is guiding the startup's initial market strategy, highlighting the need for compliance in tech innovations.
Handwave's entry into the palm recognition payment space marks a significant development in retail technology, potentially challenging established players while catering to the growing demand for seamless payment solutions.