WEBVTT 1 00:00:10.280 --> 00:00:14.940 I was just thinking my session was sandwiched right in between the lunch and 2 00:00:15.020 --> 00:00:19.000 cocktails on a beautiful day in San Francisco when everyone wants to be out. 3 00:00:19.800 --> 00:00:23.260 Can't tell if it's a good thing because most likely no one will listen to what 4 00:00:23.280 --> 00:00:26.740 I'm about to say or a bad thing because no one will listen to what I'm about to 5 00:00:26.820 --> 00:00:30.640 say. But jokes aside, I'm Rajeev. 6 00:00:30.860 --> 00:00:34.520 I have the privilege of leading the strategy and partnerships function at 7 00:00:34.580 --> 00:00:35.413 Verifone. 8 00:00:36.240 --> 00:00:41.180 And this is my third Sessions with the Stripe team. 9 00:00:41.780 --> 00:00:44.900 As most of you can tell, it continues to get bigger and better, 10 00:00:45.520 --> 00:00:50.380 solving bigger and bolder challenges-be it agentic AI, be it stablecoins, 11 00:00:50.440 --> 00:00:51.420 we've heard all about them. 12 00:00:51.860 --> 00:00:56.660 But one such very bold challenge that we're embarking on solving 13 00:00:56.680 --> 00:01:01.240 jointly along with Stripe and everyone else in the room here is this idea of 14 00:01:01.540 --> 00:01:03.280 identity in physical commerce, 15 00:01:03.340 --> 00:01:08.260 which I think still has a lot of friction in the consumer experience. So for 16 00:01:08.420 --> 00:01:12.360 call it almost five decades, like in payments, 17 00:01:12.420 --> 00:01:16.980 the identity was either the piece of plastic a consumer carried or a 18 00:01:17.060 --> 00:01:19.720 device that you have on you or even worse, 19 00:01:19.780 --> 00:01:22.500 the digits that you can recollect on top of your head, 20 00:01:22.560 --> 00:01:25.240 be it be the 16 digits or the CVVs or what have you. 21 00:01:25.820 --> 00:01:30.600 But I think in 2026 we're at a different point in time where the identity 22 00:01:30.980 --> 00:01:33.800 can be you yourself. It doesn't have to be anything else. 23 00:01:34.440 --> 00:01:37.420 And as we look at our everyday walk of life, 24 00:01:37.780 --> 00:01:40.560 what I'm about to say doesn't sound as theoretical. 25 00:01:40.840 --> 00:01:44.540 We see this application in quite a few walks of life already. 26 00:01:45.040 --> 00:01:48.600 How many of you actually had to get on a plane to get to San Francisco this 27 00:01:48.660 --> 00:01:49.000 week? 28 00:01:49.000 --> 00:01:53.880 And how many of you went through some sort of TSA where your face 29 00:01:53.940 --> 00:01:58.360 was your identity to get through security? So be it be 30 00:01:58.560 --> 00:02:03.120 airports or transit or even use cases around 31 00:02:03.960 --> 00:02:08.920 how you authenticate into your device and even conduct high sort 32 00:02:08.940 --> 00:02:12.360 of critical banking transactions such as transfers and things like that. 33 00:02:12.420 --> 00:02:17.100 So biometrics has been entrenched in almost all walks of everyone's life. 34 00:02:17.660 --> 00:02:22.580 And even if you look at the macro data around the comfort levels of various 35 00:02:22.800 --> 00:02:26.660 sort of populations around biometrics, the stats kind of reveal the same. 36 00:02:27.180 --> 00:02:29.640 Be it Gen Zs-and I'm not going to read the stats for you guys, 37 00:02:29.760 --> 00:02:34.100 you can see it-or even the millennials or the Gen X, 38 00:02:34.440 --> 00:02:39.180 the stats kind of tell the same story on the comfort levels around biometrics 39 00:02:39.840 --> 00:02:41.900 is already there and continues to grow. 40 00:02:42.940 --> 00:02:47.720 One other macro stat we keep a close track of here at Verifone is the idea of 41 00:02:48.180 --> 00:02:50.680 how many consumers, not just in North America, 42 00:02:50.760 --> 00:02:52.220 but for that matter all around the world, 43 00:02:52.320 --> 00:02:56.900 think biometrics is an even more safer way of authenticating. The 44 00:02:57.040 --> 00:02:59.080 numbers are quite staggering, right? 45 00:02:59.140 --> 00:03:03.680 So north of 80% of the people see biometrics as a more safer way of 46 00:03:03.820 --> 00:03:06.580 identifying themselves even in the physical environment. 47 00:03:07.140 --> 00:03:11.880 So there's enough macro data points that tell us the time is 48 00:03:12.000 --> 00:03:16.960 right and it takes someone like us and partners like all you guys in this 49 00:03:17.020 --> 00:03:20.640 ecosystem to partner up and really tackle this bold challenge. 50 00:03:20.700 --> 00:03:21.940 And that's what we're about to do. 51 00:03:23.680 --> 00:03:27.640 Now let's just frame the same thing from maybe a merchant standpoint for a 52 00:03:27.680 --> 00:03:31.280 moment. So again, pretty self-explanatory. 53 00:03:31.700 --> 00:03:35.160 Most merchants operate in a very complex environment, right? 54 00:03:35.220 --> 00:03:38.940 So they interact with their consumers through a myriad of channels. 55 00:03:39.000 --> 00:03:42.860 Could be drive-throughs, could be self-service, checkouts, in stores, online, 56 00:03:42.920 --> 00:03:43.753 mobile apps, 57 00:03:44.160 --> 00:03:47.380 all the stuff that I'm sure most of you in the room have interacted with at 58 00:03:47.420 --> 00:03:50.600 least once. Maybe just take one example, 59 00:03:50.660 --> 00:03:52.600 the first bubble called "drive-thru". 60 00:03:53.800 --> 00:03:58.160 If any one of you operate a QSR here or pay attention to QSR as an industry 61 00:03:58.240 --> 00:03:59.040 vertical, 62 00:03:59.040 --> 00:04:03.240 most people would tell you drive-through is one of the fastest growing channels 63 00:04:03.300 --> 00:04:05.940 for a QSR vertical. It's very, very important. 64 00:04:06.600 --> 00:04:10.240 But if you imagine the drive-through experience, even in 2026, 65 00:04:10.580 --> 00:04:12.800 just imagine the friction in that experience. 66 00:04:12.860 --> 00:04:16.840 Somebody rolls into the drive-through entrance, somebody else orders, 67 00:04:16.900 --> 00:04:20.380 there's another person on the other side taking the orders and converting that 68 00:04:20.440 --> 00:04:22.880 into something that a system can read. 69 00:04:23.280 --> 00:04:26.840 Then you flip to the other side-and I've recently had an experience in one of 70 00:04:26.860 --> 00:04:27.680 the drive-throughs, 71 00:04:27.680 --> 00:04:32.200 won't name them on this stage-where somebody tied a card-present terminal to a 72 00:04:32.300 --> 00:04:35.740 stick and extended it into the car for me to make a payment. By the way, 73 00:04:35.800 --> 00:04:40.520 it's not uncommon. This is how this industry operates even in 2026. 74 00:04:41.080 --> 00:04:42.980 All of it goes to the root of the problem, 75 00:04:43.040 --> 00:04:46.520 which is when somebody enters the drive-through, the QSR, 76 00:04:46.800 --> 00:04:50.580 despite that this person may have shown up there 15 times the prior week, 77 00:04:50.720 --> 00:04:53.160 most likely has no idea who that person is, 78 00:04:53.660 --> 00:04:55.900 hence the friction. Now, 79 00:04:56.880 --> 00:05:00.480 if you think about the same problem in the digital realm, 80 00:05:00.720 --> 00:05:04.540 which has existed for over a decade now, be it web or mobile, 81 00:05:05.120 --> 00:05:06.300 it's not as hard. 82 00:05:06.760 --> 00:05:11.340 There's a lot of metadata that most merchants and platforms use-could be device 83 00:05:11.380 --> 00:05:13.080 fingerprints, IP addresses, 84 00:05:13.680 --> 00:05:17.720 guest logins-all sorts of things where they may not exactly know who the 85 00:05:17.760 --> 00:05:18.520 consumer is, 86 00:05:18.520 --> 00:05:23.380 but most merchants get darn good at predicting at least the basic demographic 87 00:05:23.440 --> 00:05:27.080 data of who's interacting with a merchant at any point in time, 88 00:05:27.260 --> 00:05:28.780 even if you're an incognito browser. 89 00:05:29.520 --> 00:05:33.540 But when you take the same experience and transcend it into the physical world, 90 00:05:33.660 --> 00:05:38.280 this is where things start breaking because the notion for the merchant to know 91 00:05:38.460 --> 00:05:43.120 who is the person on the other side interacting with them-could be for payments, 92 00:05:43.180 --> 00:05:47.340 could be for any part of the commerce journey, discovery, loyalty, 93 00:05:47.700 --> 00:05:52.080 making a decision on what to buy-knowing who the person that you're interacting 94 00:05:52.120 --> 00:05:56.120 with as a merchant truly matters. And it is incredibly hard to do in the 95 00:05:56.140 --> 00:05:57.400 physical world even today. 96 00:05:58.840 --> 00:06:03.320 And we believe the linchpin here is biometrics. 97 00:06:04.600 --> 00:06:09.520 This kind of eliminates the gap between the physical and the 98 00:06:09.660 --> 00:06:14.180 digital world divide and truly drives the experience towards what we believe is 99 00:06:14.380 --> 00:06:15.480 omnichannel. And the word, 100 00:06:15.900 --> 00:06:19.040 and I just thought it's worth spending maybe 30 seconds on the word omnichannel 101 00:06:19.080 --> 00:06:21.140 because it's existed for over a decade. 102 00:06:21.200 --> 00:06:25.880 But most omnichannel use cases have always revolved around really 103 00:06:25.960 --> 00:06:26.640 payments. 104 00:06:26.640 --> 00:06:31.160 Can you make a payment using your preferred payment method in any of the 105 00:06:31.220 --> 00:06:32.800 channels that you interact with the merchant? 106 00:06:32.870 --> 00:06:36.610 Could you do things like buy online or return in store and so on and so forth? 107 00:06:36.670 --> 00:06:40.810 But while payments are extremely important, as most of us would know, 108 00:06:40.870 --> 00:06:43.110 that is the absolute last step in the commerce journey. 109 00:06:43.210 --> 00:06:47.310 But what starts much ahead of the game is how you actually discover, 110 00:06:47.400 --> 00:06:49.170 how you interact, how you make a decision, 111 00:06:49.330 --> 00:06:53.010 how you even go through the whole purchase emotion on what to buy before you get 112 00:06:53.050 --> 00:06:57.390 to payments. And that's where I don't think the omnichannel truly transcends. 113 00:06:57.790 --> 00:07:00.210 As an example, and I've had this happen to me recently, 114 00:07:00.830 --> 00:07:02.930 one of the large clothing retailer-again, 115 00:07:02.990 --> 00:07:07.400 won't name them-I added a bunch of jeans into my shopping cart. 116 00:07:08.330 --> 00:07:13.030 You could clearly tell that I had a very strong signal that I wanted to buy a 117 00:07:13.150 --> 00:07:15.890 pair of blue jeans. That's why I had a bunch of them in the shopping cart, 118 00:07:16.270 --> 00:07:19.450 but I wanted to go to the store and try them before I buy one of them. 119 00:07:20.090 --> 00:07:20.990 I walk into the store, 120 00:07:21.330 --> 00:07:24.950 and this is a brand I've interacted with at least-call it 10 times in the last 121 00:07:24.950 --> 00:07:25.550 12 months, 122 00:07:25.550 --> 00:07:29.450 it's not like I'm a foreigner to them-but I walk into the store and I just get 123 00:07:29.490 --> 00:07:30.770 treated like just everybody else. 124 00:07:30.830 --> 00:07:33.670 There is just no ounce of personalization in this experience. 125 00:07:33.850 --> 00:07:38.850 All stems from the idea that despite that they have seen me at least a dozen 126 00:07:38.910 --> 00:07:43.490 times in the last 12 months and there is a very strong buying intent-I was on 127 00:07:43.530 --> 00:07:47.310 their website five times there's a bunch of goods sitting in that shopping cart, 128 00:07:47.390 --> 00:07:49.150 not checked out yet-but still, 129 00:07:49.570 --> 00:07:53.330 none of it mattered when I walked into the store. And that's really the gap that 130 00:07:53.370 --> 00:07:57.310 we think we can solve through biometrics. Now, 131 00:07:57.370 --> 00:08:01.950 let's just maybe spend a minute on a typical commerce journey. Now, 132 00:08:02.410 --> 00:08:06.810 this largely transits to every merchant, every vertical, SMB, 133 00:08:07.090 --> 00:08:09.130 enterprise, retail, hospitality, whatever. 134 00:08:09.190 --> 00:08:14.030 But if you kind of take a broad brush and paint the journey 135 00:08:14.150 --> 00:08:18.170 that a consumer goes through in the commerce space: you start with discovery, 136 00:08:18.910 --> 00:08:23.490 go through some amount of engagement where you're engaging with the brand, 137 00:08:23.550 --> 00:08:25.390 you're deciding what to do, you're comparing, 138 00:08:25.850 --> 00:08:27.890 you're looking at the prices at various places, 139 00:08:28.330 --> 00:08:30.790 then you eventually get to a decision point, 140 00:08:30.930 --> 00:08:32.370 which is you're going to buy if yes, 141 00:08:32.430 --> 00:08:34.690 how much and where and how and so on and so forth, 142 00:08:35.190 --> 00:08:39.610 followed by-decision always follows a payment because that's how you get the 143 00:08:39.690 --> 00:08:41.970 goods delivered to you. And in some cases, 144 00:08:42.030 --> 00:08:45.790 there's always some kind of recognition and rewards and so on and so forth. 145 00:08:45.870 --> 00:08:48.910 And last but not the least, there's some sort of fulfillment step. 146 00:08:48.990 --> 00:08:53.270 It could be you buying a coffee in a coffee shop or me buying a pair of jeans in 147 00:08:53.290 --> 00:08:54.123 a retail store. 148 00:08:54.230 --> 00:08:59.130 But typically you could argue this largely follows the footprint of what a 149 00:08:59.190 --> 00:09:03.950 consumer goes through in a commerce journey. Now let's take this and maybe apply 150 00:09:04.350 --> 00:09:06.990 it to some of, let's call it everyday use cases. 151 00:09:07.050 --> 00:09:09.970 And this is something I personally went through this morning. 152 00:09:10.930 --> 00:09:14.550 I live in New York. I'm visiting San Francisco, beautiful city. Love it. 153 00:09:14.650 --> 00:09:16.810 Perfect time of the year. I was up, 154 00:09:17.170 --> 00:09:21.430 as you might expect at six in the morning because it was already nine my body 155 00:09:21.510 --> 00:09:23.250 time and I had to go find myself a coffee. 156 00:09:23.310 --> 00:09:25.790 And I had an option to either go to a Starbucks, 157 00:09:25.850 --> 00:09:27.350 which I can find everywhere in the world, 158 00:09:27.490 --> 00:09:30.110 or there's some local coffee shop that I could have gone and tried. 159 00:09:30.110 --> 00:09:31.190 And I chose to do the latter. 160 00:09:31.250 --> 00:09:35.550 So I went to a local coffee shop. This is how my experience kind of went, right? 161 00:09:36.130 --> 00:09:40.010 I walked into the store, I placed my order on what I wanted. 162 00:09:41.650 --> 00:09:45.090 I had to pick up my phone, unlock the phone. By the way, 163 00:09:45.170 --> 00:09:48.430 I'm explaining things that you all hopefully know very well, right? 164 00:09:48.490 --> 00:09:52.090 Very obvious. I found the Apple Pay app. And by the way, 165 00:09:52.150 --> 00:09:57.130 this merchant also happened to be using a specific payments provider who 166 00:09:57.550 --> 00:10:00.410 is really, really big in the Apple vast space. 167 00:10:00.470 --> 00:10:04.230 So I actually had Apple Pass provision in my wallet. 168 00:10:04.320 --> 00:10:09.200 So there was another incremental step of me finding my loyalty pass in my 169 00:10:09.360 --> 00:10:12.400 Apple Passes and go scan the QR code, 170 00:10:12.720 --> 00:10:16.200 then select the payment method and ultimately go tap my phone. 171 00:10:17.000 --> 00:10:21.710 So you can kind of imagine what was really me just buying my morning 172 00:10:21.730 --> 00:10:22.560 coffee, 173 00:10:22.560 --> 00:10:27.200 at least included somewhere between three-to-five different steps between I got 174 00:10:27.280 --> 00:10:28.240 to the end of the job, 175 00:10:28.480 --> 00:10:33.360 if you thought the first step of that commerce journey was how I actually found 176 00:10:33.440 --> 00:10:38.440 that merchant and how I discovered their menu or how to even make an order. Now, 177 00:10:38.600 --> 00:10:42.170 if you just take the same example and almost apply to maybe a different 178 00:10:42.170 --> 00:10:43.960 vertical. Like most of you, 179 00:10:44.160 --> 00:10:48.280 I would probably buy groceries at least once a week or in some cases even more 180 00:10:48.320 --> 00:10:52.160 often. This is how that experience typically goes: People go, walk the aisles, 181 00:10:52.280 --> 00:10:55.680 especially if you go with someone like my wife-she loves spending like 45 182 00:10:55.760 --> 00:10:58.520 minutes aimlessly walking around. I still couldn't figure out why. 183 00:10:59.440 --> 00:11:02.230 And I straight go to what I like, which is the wine counter, 184 00:11:02.330 --> 00:11:06.680 go pick up my favorite wines while she does her job. Most cases, 185 00:11:06.920 --> 00:11:09.560 most grocery stores have some sort of loyalty card. 186 00:11:09.920 --> 00:11:13.520 I'm sure most of you have key chains with hanging barcodes and things of that 187 00:11:13.600 --> 00:11:15.920 nature attached to the key chains. That's how, 188 00:11:17.050 --> 00:11:19.120 whether you go to-let's not take names, but any store, 189 00:11:19.240 --> 00:11:22.960 that's how the store identifies who the consumer is and then 190 00:11:23.120 --> 00:11:27.170 go-and particularly because when there are people like me included where I end 191 00:11:27.210 --> 00:11:29.610 up buying some sort of age-restricted product, 192 00:11:29.750 --> 00:11:33.510 my favorite wine-this is if you talk to any large grocer, 193 00:11:33.750 --> 00:11:37.810 the first thing you'll understand from them is they all love self-service 194 00:11:37.850 --> 00:11:40.510 checkouts, but they hate it when it breaks. 195 00:11:40.710 --> 00:11:44.990 And it breaks when there are things in the shopping cart where somebody has to 196 00:11:45.090 --> 00:11:46.350 come physically assist you. 197 00:11:46.410 --> 00:11:50.290 It could be an age-restricted product or in some cases could be a high value 198 00:11:50.310 --> 00:11:54.290 product such as whatever, like a high expensive TV and things of that nature. 199 00:11:54.730 --> 00:11:55.563 But point being, 200 00:11:55.850 --> 00:12:00.790 there are times when the self-service flow even breaks and 201 00:12:00.830 --> 00:12:04.350 it gets stepped up because you have to verify your ID and things of that nature 202 00:12:04.890 --> 00:12:08.950 and it doesn't stop there. So now ultimately you got to make a payment and you 203 00:12:08.990 --> 00:12:10.490 got to collect your receipt. Now, 204 00:12:11.670 --> 00:12:16.190 it's hard to debate every single experience goes exactly in the same linear 205 00:12:16.230 --> 00:12:21.010 path, but you get the broad idea that for you to sort of do what you would do 206 00:12:21.570 --> 00:12:23.490 sometimes tens of times in a month, 207 00:12:24.110 --> 00:12:27.710 you go through at least like five-to-six steps before you get to the end of the 208 00:12:27.750 --> 00:12:31.950 job, which is you actually bought the product that you wanted to do. Now, 209 00:12:32.110 --> 00:12:34.250 this is where we fundamentally believe, 210 00:12:34.410 --> 00:12:37.270 and this isn't something just we by ourselves could do, 211 00:12:37.390 --> 00:12:42.190 but the reason why we chose this topic at this particular stage and platform is 212 00:12:42.210 --> 00:12:45.410 because we're surrounded by all the right players in the ecosystem. 213 00:12:45.470 --> 00:12:47.870 But if all of us work together, 214 00:12:48.030 --> 00:12:52.810 this is a problem that I think we can truly solve. So there are ways, 215 00:12:52.870 --> 00:12:54.290 and we fundamentally believe in this, 216 00:12:54.370 --> 00:12:59.010 where identifying a person as he or she walks into the store and 217 00:12:59.190 --> 00:13:03.610 really wrapping around the whole commerce experience around what the merchant 218 00:13:03.670 --> 00:13:07.850 knows about them or what the shopping signal tells the merchant that they're in 219 00:13:07.870 --> 00:13:12.030 the store for, I think will be incredibly valuable and very, 220 00:13:12.090 --> 00:13:16.750 very differentiated. And this 10 years ago was probably hard to 221 00:13:16.830 --> 00:13:20.870 argue that's the right time to do, but now we believe it's the right time to do. 222 00:13:20.990 --> 00:13:23.350 Not so much because the tech has evolved and it's there, 223 00:13:23.410 --> 00:13:28.110 but more importantly because the consumer adoption and people's familiarity 224 00:13:28.270 --> 00:13:32.650 with using biometrics as a way to identify them as we've already talked about is 225 00:13:32.710 --> 00:13:33.543 there. 226 00:13:34.070 --> 00:13:38.310 And that's the reason why we've been investing significantly in this space. Now, 227 00:13:38.910 --> 00:13:42.150 if you think about the ecosystem play for a second, 228 00:13:43.710 --> 00:13:48.590 this is kind of our view of the value of biometrics transcends way 229 00:13:48.650 --> 00:13:52.190 beyond just payments. But even if you just start on the payments, 230 00:13:53.170 --> 00:13:55.710 there's so many use cases that we can talk about. 231 00:13:55.850 --> 00:13:57.390 We won't have time to get through all of it, 232 00:13:57.470 --> 00:14:01.690 but I'll just maybe call out one or two simple examples. Most of you have 233 00:14:01.730 --> 00:14:05.070 interacted with some kind of buy now pay layer providers. 234 00:14:05.450 --> 00:14:08.630 Most of you have interacted with some kind of alternate payment methods. 235 00:14:09.110 --> 00:14:12.330 Now doing all of them in the context of a digital world, 236 00:14:12.590 --> 00:14:17.030 whether it's online or mobile in the grand scheme of things is good. It works. 237 00:14:17.230 --> 00:14:22.130 I personally use one of the BNPL providers that all of you I'm sure will know, 238 00:14:22.990 --> 00:14:26.270 but just imagine using one of them in the store. 239 00:14:27.250 --> 00:14:30.490 Even in 2026, it is a ton of friction, right? 240 00:14:31.170 --> 00:14:35.970 And we say this because we actually see macro data across not 241 00:14:36.030 --> 00:14:37.890 just North America, but all around the world, 242 00:14:38.170 --> 00:14:41.690 by being-roughly about a third of card present states in the world, 243 00:14:42.050 --> 00:14:44.370 we get to see a lot of usage patterns. 244 00:14:44.450 --> 00:14:48.870 And our data tells us the same thing while there is very explicit interest, 245 00:14:48.970 --> 00:14:53.830 but the friction to use one of these alternate payment methods in the 246 00:14:53.870 --> 00:14:56.050 in-store environment is incredibly hard. Now, 247 00:14:56.150 --> 00:15:00.990 imagine how frictionless it could be when you don't have to pull out your 248 00:15:01.010 --> 00:15:05.370 phones or scan QR codes or go to the right apps and authenticate the 249 00:15:05.390 --> 00:15:08.190 transactions and so on and so forth. So our thought, 250 00:15:08.730 --> 00:15:13.390 biometrics definitely adds a lot of value in the payments related use cases, 251 00:15:13.870 --> 00:15:18.790 but I think it's even more interesting in the overarching commerce ecosystem 252 00:15:18.950 --> 00:15:22.310 that sort of precedes a payment and succeeds a payment, 253 00:15:22.370 --> 00:15:24.630 things that happen after the payment has been made, 254 00:15:24.690 --> 00:15:27.150 such as receipts and things of that nature. Again, 255 00:15:27.370 --> 00:15:29.310 intention is not to go through every one of them, 256 00:15:29.370 --> 00:15:31.250 but you can kind of see them on the screen. 257 00:15:31.610 --> 00:15:35.050 There's a few that we've been kicking around with and there's a few that we've 258 00:15:35.070 --> 00:15:37.050 been piloting with some large merchants around. 259 00:15:37.570 --> 00:15:41.950 And actually I'm in a job that needs me to travel quite a bit and I do travel at 260 00:15:42.010 --> 00:15:46.750 least four to five times a month and I do most often stay with the same 261 00:15:46.810 --> 00:15:49.870 chain of hotels that I stay with. And I go through the exact same thing no 262 00:15:49.930 --> 00:15:53.230 matter where I go. Who are you? Can we see your license? 263 00:15:53.550 --> 00:15:54.490 Where is your credit card? 264 00:15:54.710 --> 00:15:57.930 Despite I've already given them my credit card once when I made the reservation. 265 00:15:59.170 --> 00:16:01.750 Just think through the experience that most of you go through. 266 00:16:02.010 --> 00:16:05.990 So our simple thought, tying all of this, 267 00:16:06.230 --> 00:16:09.990 not just the payment into a consumer identity, 268 00:16:10.510 --> 00:16:14.590 I think significantly simplifies this and adds a lot of differentiation to the 269 00:16:14.610 --> 00:16:15.443 merchant. 270 00:16:15.510 --> 00:16:19.750 And we have been in conversations with a lot of them and we're in some pilots 271 00:16:19.790 --> 00:16:24.110 with most. Now, this is kind of how we see the ecosystem evolving. 272 00:16:24.210 --> 00:16:29.090 So we look at ourselves as there is some level of like 273 00:16:29.190 --> 00:16:32.930 an orchestration that happens in the biometric space. But like I said, 274 00:16:33.630 --> 00:16:34.550 at the forefront of this, 275 00:16:34.610 --> 00:16:38.610 this is not something that we ourselves are set out to solve all by ourselves. 276 00:16:39.570 --> 00:16:43.870 We believe what we're creating is the infrastructure for all the partners. 277 00:16:43.930 --> 00:16:48.290 You could be a loyalty platform or you could be an app that's used by tens of 278 00:16:48.330 --> 00:16:51.110 millions of consumers. We call them as consumer platforms, 279 00:16:51.210 --> 00:16:54.590 or you could be a payments platform, or you could be offers, 280 00:16:54.710 --> 00:16:58.670 or you could be a KYC, or you could be an age verification tool, 281 00:16:58.750 --> 00:17:02.010 or you could be someone like Experian that has credit data on a person. 282 00:17:02.930 --> 00:17:04.110 The list is endless, 283 00:17:04.190 --> 00:17:09.050 but our view of the world is we're in the process of creating a centralized 284 00:17:09.090 --> 00:17:13.950 orchestration engine that plugs into a myriad of this that hopefully solves 285 00:17:14.150 --> 00:17:18.310 single identity and sets standards for how this works in the physical world. 286 00:17:20.210 --> 00:17:24.130 Now, maybe just to sort of progress the conversation forward, 287 00:17:25.750 --> 00:17:30.350 there is a view around-if you just think about this picture for a second and 288 00:17:30.390 --> 00:17:35.110 think of this as the overarching ecosystem where consumers interact with, 289 00:17:35.530 --> 00:17:40.390 there is a world where people go through enrollment into a lot of these 290 00:17:40.550 --> 00:17:43.490 several times, right? So people enroll in their loyalty. 291 00:17:43.550 --> 00:17:45.230 It doesn't have to be through biometrics, 292 00:17:45.290 --> 00:17:47.730 maybe it's through your email or your phone number or what have you, 293 00:17:47.790 --> 00:17:52.530 but it's not uncommon for a person to manage 294 00:17:52.710 --> 00:17:56.970 and maintain their identity across a slew of platforms today. 295 00:17:57.090 --> 00:17:59.930 This happens today, by the way, right? Most of you, I assume, 296 00:17:59.990 --> 00:18:04.630 have some sort of sign-up done in so many different platforms for different 297 00:18:04.670 --> 00:18:07.030 reasons. Our view of the world, 298 00:18:07.190 --> 00:18:11.830 there is a way to think about a centralized energy where 299 00:18:11.890 --> 00:18:16.730 consumers go to one place and one place only to manage their identity 300 00:18:16.870 --> 00:18:19.370 and that gets federated across all of them, 301 00:18:20.630 --> 00:18:22.410 which is really the world we're aspiring for. 302 00:18:22.530 --> 00:18:27.350 And that is the reason why a standards-driven biometrics platform, 303 00:18:27.750 --> 00:18:32.390 which hopefully is interoperable across an ecosystem of partners and players, 304 00:18:32.910 --> 00:18:34.310 is the world that we believe in. 305 00:18:34.490 --> 00:18:37.770 And we've been kind of working towards that one step at a time. 306 00:18:39.510 --> 00:18:43.370 Now, if you just take everything we went through in the past, 307 00:18:43.450 --> 00:18:45.430 call it 15-20 minutes now, 308 00:18:45.530 --> 00:18:50.270 and apply to maybe three-to-four major industry verticals and just 309 00:18:50.310 --> 00:18:53.410 start thinking through what are some of the use cases, 310 00:18:53.470 --> 00:18:54.630 just starting with retail, 311 00:18:56.670 --> 00:18:59.230 think about how interesting the checkout experience could be. 312 00:18:59.350 --> 00:19:04.250 Think about how anything in the realm of cross-channel interaction-the 313 00:19:04.290 --> 00:19:06.250 example I was just going through earlier with you all, 314 00:19:06.690 --> 00:19:11.010 the fact that I was on the website of a large retailer and I had like $500 worth 315 00:19:11.050 --> 00:19:15.730 of jeans sitting in a shopping cart and I walk into the store and yet the 316 00:19:15.810 --> 00:19:17.810 store had no context of any of that. 317 00:19:18.290 --> 00:19:20.750 Imagine a world where if the store knew all of it, 318 00:19:20.810 --> 00:19:23.550 like the cross-channel interactions could be a lot more richer. 319 00:19:24.010 --> 00:19:26.910 Think about even mundane tasks like returns. 320 00:19:26.990 --> 00:19:31.970 Think about the personalized experience that a shopper can be 321 00:19:32.110 --> 00:19:34.920 offered when they walk into the store. The list is endless, right? 322 00:19:34.970 --> 00:19:39.460 So there's so many of these that we've been kind of piloting or in some cases 323 00:19:39.580 --> 00:19:41.470 still in the discovery stage, 324 00:19:41.540 --> 00:19:44.960 but we've been working with some of the largest retailers you can think of in 325 00:19:45.060 --> 00:19:49.260 thinking through which of these are really differentiated and which of these are 326 00:19:49.540 --> 00:19:53.660 needle movers. Now, retail, while it's big, it's not the only one. 327 00:19:54.040 --> 00:19:57.040 So just kind of switching gears and going to a slightly different use case, 328 00:19:57.100 --> 00:20:01.400 think about hospitality, think about stadiums, events, concerts, theme parks, 329 00:20:01.920 --> 00:20:04.700 all sorts of things. Largely the same story applies. 330 00:20:05.180 --> 00:20:10.060 So I was recently at Knick's game at Madison Square Garden in New York City, 331 00:20:10.140 --> 00:20:11.560 not roughly two days ago, 332 00:20:12.300 --> 00:20:15.880 and my face was my access to access the stadium, 333 00:20:16.460 --> 00:20:20.100 but where it stops is exactly there. 334 00:20:20.600 --> 00:20:23.200 Once you get into the stadium, your face is useless. 335 00:20:23.420 --> 00:20:24.600 You still need everything else, 336 00:20:24.660 --> 00:20:27.230 right? So you need a license to buy a glass of beer, 337 00:20:27.320 --> 00:20:29.620 you need your phone to buy whatever you need to do, et cetera. 338 00:20:29.990 --> 00:20:33.080 So this is kind of what our view of the world on, 339 00:20:33.490 --> 00:20:38.200 I think biometrics have solved point use cases like to access a stadium, 340 00:20:38.340 --> 00:20:41.040 there's biometrics. To get through an airport, there's biometrics. 341 00:20:41.100 --> 00:20:43.780 And this actually happened to me two days ago as well when I was coming to San 342 00:20:43.820 --> 00:20:48.520 Francisco. I could get through the whole TSA pre-check using my face. 343 00:20:49.120 --> 00:20:53.230 I had like 45 minutes to board the plane and I decided to go and grab a glass of 344 00:20:53.280 --> 00:20:56.520 beer at one of the bars. Nothing works, right? You still need your ID, 345 00:20:56.680 --> 00:20:57.760 you still need your license. 346 00:20:58.120 --> 00:21:00.720 If you could get through the airport without the license, 347 00:21:00.820 --> 00:21:02.880 I don't know why you need license to buy a beer, right? 348 00:21:02.960 --> 00:21:07.860 You get my point. So there is a lot where we could enable this 349 00:21:07.980 --> 00:21:12.060 in... This is kind of our view as in the sense we by ourselves, 350 00:21:12.460 --> 00:21:15.720 we can probably solve maybe parts of this ecosystem, 351 00:21:15.780 --> 00:21:18.220 but for us to truly get this to ubiquity, 352 00:21:18.620 --> 00:21:20.480 I think us by ourselves or for that matter, 353 00:21:20.600 --> 00:21:22.820 any individual by themselves cannot solve it. 354 00:21:22.880 --> 00:21:26.940 And that's the reason why we think this is truly an ecosystem play and this is 355 00:21:27.020 --> 00:21:28.640 truly a standards driven play. 356 00:21:28.840 --> 00:21:33.500 And it's all about interoperability across all the partners who participate in 357 00:21:33.540 --> 00:21:35.760 the commerce ecosystem. Now, 358 00:21:36.480 --> 00:21:40.400 you could kind of transcend the same into the grocery space. 359 00:21:40.840 --> 00:21:43.440 So we've kind of gone through it already, but 360 00:21:45.020 --> 00:21:47.820 think about friction around where self-service checkout breaks. 361 00:21:48.260 --> 00:21:51.680 Think about how anything in the subscription-based category works. 362 00:21:52.020 --> 00:21:56.960 Think about how offers or personalization or even things like retail 363 00:21:57.040 --> 00:22:01.980 media in the context of a grocery store can work when a person is standing at 364 00:22:02.020 --> 00:22:03.580 the checkout aisle for, 365 00:22:03.680 --> 00:22:07.660 call it roughly two minutes while a transaction is being processed and 366 00:22:08.980 --> 00:22:13.920 the store has almost undivided attention off that person for 367 00:22:14.000 --> 00:22:18.340 those two-to-three minutes when your basket is getting scanned. But just think 368 00:22:18.380 --> 00:22:22.960 about everything a retailer can do if only they knew who the person 369 00:22:23.080 --> 00:22:25.400 standing there was for the two-to-three minutes. 370 00:22:25.860 --> 00:22:30.660 And I would argue most large retailers are in the business of retail 371 00:22:30.720 --> 00:22:34.460 media. They use all the first party data to drive ads in the stores, 372 00:22:35.280 --> 00:22:39.180 but they drive ads by putting them on televisions on the walls, 373 00:22:39.580 --> 00:22:43.640 which I would argue has maybe a third of visibility. What is the probability of 374 00:22:43.700 --> 00:22:48.100 someone paying attention to what is on a TV when you're in a large retail store 375 00:22:48.140 --> 00:22:51.880 shopping? Maybe 20%, maybe 30%. 376 00:22:52.800 --> 00:22:56.280 What is the probability that somebody is going to pay attention to what is on 377 00:22:56.320 --> 00:22:59.980 the payment terminal for those two-to-three minutes when they're standing in 378 00:23:00.020 --> 00:23:01.020 front of the checkout aisle? 379 00:23:01.680 --> 00:23:05.680 I'd argue 90% because you're actually paying attention to what is being scanned 380 00:23:05.700 --> 00:23:06.780 and how much money you owe. 381 00:23:07.520 --> 00:23:11.840 But now just think through the art of possible on what a grocers or a retailer 382 00:23:11.860 --> 00:23:15.880 for that matter could do if only they knew who the person standing in front of 383 00:23:15.900 --> 00:23:18.580 them was. So these are all the use cases, 384 00:23:18.640 --> 00:23:21.960 but all of it goes back to where I kind of started this dialogue on, 385 00:23:22.140 --> 00:23:24.820 it's all about identity in the physical commerce, 386 00:23:25.200 --> 00:23:28.700 which I think has been incredibly hard to solve, but we think the time is now. 387 00:23:29.520 --> 00:23:32.100 And last but not the least, I won't go too deep into this, 388 00:23:32.160 --> 00:23:36.240 but we touched on this briefly. So QSRs, this is by the way, 389 00:23:36.400 --> 00:23:40.460 a segment that we personally at Verifone love a lot because we have a lot of 390 00:23:40.580 --> 00:23:44.240 market share in this space. We work with the big ones, the mid-sized ones, 391 00:23:44.300 --> 00:23:48.280 the small ones, the North American based ones, the international ones. 392 00:23:48.340 --> 00:23:49.920 We work with them all over the world, 393 00:23:50.360 --> 00:23:54.800 and we understand the nuances of things like order ahead or drive-throughs and 394 00:23:54.900 --> 00:23:59.900 how all of these channels or even self-service kiosks inside a QSR 395 00:23:59.960 --> 00:24:02.900 works. So our view of the world, 396 00:24:03.440 --> 00:24:05.580 it's not just always about the commerce, 397 00:24:05.640 --> 00:24:09.460 but I go to Starbucks and I order the same thing every time I go, 398 00:24:09.920 --> 00:24:12.720 but I have to still order the same thing every time I go. 399 00:24:13.280 --> 00:24:16.800 How cool will it be if I actually check into the store and it tells me, 400 00:24:16.900 --> 00:24:17.720 "Welcome, Rajeev, 401 00:24:17.720 --> 00:24:22.140 do you want a mid-size cappuccino with two extra pumps of hazelnut and extra 402 00:24:22.180 --> 00:24:26.180 hot?" All I have to say is yes. In one interaction, I placed my order, 403 00:24:26.640 --> 00:24:27.500 I made a payment, 404 00:24:27.900 --> 00:24:32.420 in most cases I've owned or even redeemed some kind of loyalty all with title 405 00:24:32.500 --> 00:24:33.420 one single interaction. 406 00:24:34.440 --> 00:24:38.740 So we genuinely believe this is an ecosystem play. 407 00:24:39.260 --> 00:24:41.160 This is a partnerships play. 408 00:24:41.560 --> 00:24:45.060 We don't believe this is something that any one of us can individually solve, 409 00:24:45.420 --> 00:24:48.400 but collectively between the consumer platforms, 410 00:24:48.460 --> 00:24:52.540 the fintechs that have access to tens of millions of consumers, the loyalties, 411 00:24:53.160 --> 00:24:54.080 the KYCs, 412 00:24:54.140 --> 00:24:58.320 the financial institutions and the acquirers and many others who kind of 413 00:24:58.420 --> 00:25:02.320 participate in this platform, we've been working with all of them to A: 414 00:25:02.820 --> 00:25:07.480 build a common standard and framework for how identity can be federated 415 00:25:07.540 --> 00:25:09.080 across all of it, and B: 416 00:25:09.680 --> 00:25:13.640 how do we get all of this orchestrated across a variety of 417 00:25:14.200 --> 00:25:17.260 merchants, payment methods, networks, and all sorts of things. 418 00:25:17.320 --> 00:25:22.040 So it's not something that, as I said, we ourselves can solve, 419 00:25:22.100 --> 00:25:24.280 but collectively, we think we can make a very, 420 00:25:24.340 --> 00:25:27.860 very big impact and we genuinely believe that time is now. 421 00:25:31.400 --> 00:25:32.233 With that, 422 00:25:33.160 --> 00:25:37.460 we started this conversation thinking about authentication in the card presence 423 00:25:37.480 --> 00:25:42.440 space, but hopefully you're taking away that biometrics isn't just 424 00:25:42.940 --> 00:25:44.980 in our wines, at least a payments feature. 425 00:25:45.440 --> 00:25:50.160 It's not how do we go shave another half of a second from 426 00:25:50.300 --> 00:25:52.660 how somebody makes a payment. I don't think that's the goal, 427 00:25:52.740 --> 00:25:57.620 but our real goal here is how do we reframe the entire commerce journey 428 00:25:57.800 --> 00:26:01.580 all the way from discovery to fulfillment and all the steps in between 429 00:26:02.000 --> 00:26:06.440 transcending both the physical world and the digital world. That's all I got. 430 00:26:06.580 --> 00:26:07.280 Thank you for listening.