The last few years have witnessed a huge change in the way we make payments. Technology is evolving at a faster rate than ever before and the payment sector is by no means getting left behind. As of March 2016, there were over 86 million contactless card users in the UK marketplace, proving that touch-and-go is the future, and here we look at five other payment technology trends that may rise to prominence in the very near future.
1) Fighting Fraud with Fingerprints
While using your finger tips to process a payment would represent the ultimate in digital transactions, it’s only the beginning! The payment industry, according to BluePay, “could soon begin using iris scans, voice-recognition and even DNA verification. There really is no limit to how far biometric payment technology can go.”
2) The Flourishing of the Bitcoin Era
Last year was an excellent one for bitcoin. Last January, bitcoins were valued at $350 and now they are above $900! Traditional financial institutions are beginning to adapt to this technology and invest in it. People are starting to recognise the value that the blockchain provides with smart contracts, cloud storage, and security.
3) Wearable Payments
Visa announced at this year’s SXSW that it’s testing sunglasses capable of making contactless payments, whereas Barclaycard teamed up with Lyle & Scott last year with a foray into the world of trend-setting wearable’s by designing a contactless jacket!
4) Invisible Payments
Businesses such as Uber and Deliveroo have mastered the art of invisible payments. With regards to Uber, their easy account set-up and request-a-driver function offers customers a hassle-free transaction. Just jump in and enjoy your journey without having to worry about fumbling around for your cash! Expect many businesses to follow suit.
5) Social Network
Facebook Messenger has already jumped into the payment pool and added a payment feature for iOs and Android in the US. For those in America, you simply add a debit card to your Facebook account and then send money directly to your Messenger contacts!