Japanese tech company Hitachi has developed a finger vein-based payment system that could replace credit cards and smartphone payment systems like Apple Pay, according to Nikkei.
The system only needs the user to place their finger over a reader. The reader will automatically identify the user and retrieve the relevant data, such as credit card numbers.
Using the system, a user does not need to carry their smartphone or credit card to do shopping. Additionally, the system will speed up transactions at terminals and check-ins by as much as 40 seconds, according to Hitachi.
For the system to work, a user must register their finger vein and their personal information.
The company will provide the system to retailers and hotels within the year.
According to Nikkei, the system can store other information and data, including “loyalty points, food allergies, professional qualifications, and proof of age.” As such, it could make activities such as applying for jobs and buying alcohol much easier.
Hitachi claims it will not own any of the data stored in the system. The company will use blockchain technology to store and retrieve data and ensure the data is authentic.
The company will make profits by selling the finger vein readers and levying fees. It hopes to make about 10 billion yen (approximately $81 million) within three years.
Biometric payment systems like the one Hitachi has developed could replace smartphone-based payment systems like Apple Pay in the future.