We live in an ever-evolving online world, and this evolution includes the way that we pay. With major changes to technology, come trends that will revolutionize the future of the payment industry. Here are some of the aspects that we believe will become important in the near future.
Biometric Security
Some card providers are already looking into this, with biometric chips being researched by a number of major names. Some are looking to integrate fingerprint scanning into the cards themselves, which would create a two-step authentication method. Of course, there are a lot of other elements that would have to be considered before this could be taken live.
There are other ways to secure accounts with this kind of security, including iris scanning and vein mapping. This feels like incredibly futuristic tech, but it’s actually pretty achievable. We’re already using fingerprint scanning on our phones.
Wearable Payments
Thanks to the likes of iWatches and other wearables, we’re now accustomed to using our wrists as a way to check notifications and even play games. Right now, these gadgets are more important to the health and fitness sectors, but financial transactions could easily be integrated. Imagine making a payment by simply waving your hand over a contactless terminal.
Alternate and Cryptocurrency Payments
We’ve seen massive leaps over the years with the types of alternate payment methods that are accepted within mainstream industries. These alternate payment methods will most likely continue to evolve but the major ones like PayPal will still likely be prevalent.
Safe payments are a major draw for those using a variety of services, including gaming sites. PayPal casinos, and those offering other safe payments, often have the edge over their competitors due to the added convenience and safety these methods bring.
There’s also an increased number of cryptocurrency options being accepted online too. These include the likes of Bitcoin and other decentralised currencies.
Context Based Payments
The systems that we use to make payments are getting much smarter. This makes it easier for the system to guess the reasoning behind the payment and take the next step. One example of this is Uber, which can detect when the journey is complete and authorize a payment automatically.
This is important for payments that require security from both ends. This will make these payments easier and automate the process. Machine learning is powerful stuff and it’s likely that this will have an effect on the future of payments, especially when combined with gadgets and tech.
We’re sure that these predictions will most likely change with time, as new tech influences what current trends are on offer.
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