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Jun 25 2019

Cashless stores – the future is here?

Do you believe cash is living on borrowed time? Both the card and the contactless payment systems are a reality more and more present in our days. We got into a certain point were some shops are no longer accepting cash as a payment method for their products and services. Considered by many as the inevitable future, it’s not a consensual change. Take a look bellow and find out why.

ImageThe CNET’s article published by Erin Carson entitled “Cashless stores are the hot new thing. Now politicians are stepping in” tells us an interesting story regarding this new trend.

The Philadelphia City Councilman Bill Greenlee heard that a coffee shop and a salad restaurant right near City Hall weren’t accepting cash. He considered it quite unfair. "I can get my coffee and muffin, but the person behind me who has the monetary unit of the United States of America, that's been accepted here in Philadelphia since Ben Franklin, can't?" he stated in an interview. "It just seemed wrong."

Afterwards, in October 2018, a US company called Greenlee (who allows the use of both card and cash) co-sponsored a bill requiring businesses to accept cash. In March, Mayor Jim Kenney signed it into law.

The path to the cashless stores is not an easy one, as they are seeing themselves running into hurdles from legislators in cities and states around the United States. “These governments are concerned that what some see as technological innovation could actually widen societal gaps between those who have access to financial services and those who don't.”

The paradigm is quite simple: allowing stores to be purely cashless may lead to situations where lower-income people are unable to buy what they want; on the other hand, this legislation may prevent cashless experiments and be seen as a blocker to a more technological future.

With the clear advantage of being a faster, more convenient and a secure way to pay for anything, the truth is that there are many people that still don’t have a bank card nowadays. Privacy also takes an important part in this matter, since when using a bank card, your private and personal information is, of course, linked to it and to the purchases made.

Alternative solutions are being considered, some of them already in place, like for instance the possibility to buy (in cash) a card that you can then use in cashless stores.

Have you heard about PalmSecure? With the clear objective of being able to offer the most secure solution to its customers, Fujitsu has defined its own way in this promising market.

Fujitsu’s palm vein scanning solution, named PalmSecure, is the company flagship biometric system. It was launched back in 2004, and has been used in a wide range of applications, from physical access control to Bitcoin Kiosk authentication. This great technology has been refined over the years, and it’s now used by more than 73 million people across 60 countries, reaching more than 1 million sales. Unlike other biometric authentication methods that use information on the outside of the body, this technology makes use of biometric data from inside the body, offering protection from falsification or spoofing. PalmSecure offers a false rejection rate of less than 0.01 percent and a false acceptance rate of 0.00001 percent. Going forward, Fujitsu will continue to enhance the accuracy of its PalmSecure palm vein authentication technology even further, expanding the use of palm vein authentication technology around the world in a variety of contexts.

Nuno Costa

 

About the Author:

Nuno Costa

Channel Business Development Associate

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