European Retail Revolution: Handwave Offers Palm Payments Alternative to Amazon for Seamless Shopping Experience
In the burgeoning realm of contactless payment solutions, Latvian fintech startup Handwave is making strides towards establishing an independent alternative to dominant players such as Amazon’s Amazon One. By focusing on palm scanning technology for retail applications, Handwave aims to offer a seamless and secure checkout experience without the need for physical cards, apps, or traditional biometric scanners.
Having developed its own hardware and software over three years, Handwave is now prepared to initiate market pilots, installing palm scanning devices in retail stores across various geographies. The startup’s technology will be accompanied by a transaction fee, comparable to or lower than standard payment methods, according to Handwave’s CEO, Janis Stirna.
In addition to reduced checkout costs, the potential for streamlined customer experiences is significant, as the system promises to bypass conventional identification methods such as fingerprint scanners and facial recognition—even for age verification and loyalty programs.
Handwave’s strategic partnerships with major European financial institutions, including Visa, position it favorably for global expansion. The startup’s recent seed funding round, led by Vilnius-based VC firm Practica Capital, along with participation from FirstPick, Outlast Fund (both from Lithuania), and Inovo.vc (Poland), will support the growth of Handwave’s technology infrastructure and market reach.
With a strong commitment to collaborate with financial institutions and acquiring banks worldwide, Handwave aspires to build a comprehensive ecosystem that could potentially compete with established players like Amazon and JP Morgan should they expand their palm payment offerings.
The startup’s location in Riga, Latvia, offers operational advantages due to the region’s rich scientific talent pool, making it more attractive for AI engineers compared to Silicon Valley. This, coupled with a combination of bootstrapping, angel investment, and EU-funded grants, has allowed Handwave to finance its research and development efforts effectively.
As Handwave prepares for market pilots and regulatory certifications, the company is poised to demonstrate the potential of biometric palm payments, with the ultimate goal of reshaping the retail payment landscape. Whether this vision will resonate with consumers remains to be seen; however, Handwave’s strategic planning and innovative approach suggest a promising future for the technology.
