In today’s era, payments are usually accepted through credit and debit cards. In fact, such a kind of payment mode is widely accepted at grocery stores, hospital and other locations along with online portals. While the change is inevitable and Apple Pay is soon going to dominate the market, here are some payment systems you may come across.
Wireless Payment Systems in Trends
NFC Payment Systems
Samsung Pay, Android Pay, and Apple Pay are based on the NFC technology. If you haven’t heard the abbreviation anytime before, then it’s nothing but Near-Field Communication which allows the individual to pay wirelessly through any kind of device. But, stores are pacing ahead at a slow rate to adopt NFC payments because the shop owners need to purchase new hardware. On the other hand, it’s worth making a payment with Samsung Pay as it has magnetic secure transmission to accept payments through commonly used credit cards.
Payments Through Wearables
With wearable technology being popular among people, the person can now use Apple Pay through Apple Watch. For those who don’t use iPhones, they can go for Samsung Pay on the Samsung Gear S2 around their wrists. In the future, wearables would be independent and the person would no longer have to reach out to his or her smartphone to make the payment. Moreover, you would find it even more convenient to access money from a necklace, a pair of glasses, and of course the smartwatch.
In the forthcoming years, people might not bother to carry anything for paying for items. Implantable chips would soon become prominent and it would be a great idea of paying for your dinner instantly. But, the greatest challenge is that people would think twice when such chips would be implanted in the skin. They would not be open to adopt the trend and get themselves injected just for the sake of the chip.
Many payment modes might revolutionize the trend of paying a hefty amount. But, biometric authentications involve technology relying on the individual’s identity. The best example could be feature-rich smartphones which come with fingerprint scanners. Some other mobile phones scan the retina to make the task even more secure. The security level may differ owing to different methods. For instance, voice recognition systems can’t be considered reliable because people can take undue advantage by changing the pitch and tone of their voice.
Since many years, Bitcoin had been dominant in the market. Even though the fervor for digital currencies has come back to normal, bitcoin could possibly be the form of payment to be anticipated in future. Do skim through comprehensive guides available online to know the role of crypto-currencies as the distribution and the mining activity relies on a network of computers.
Pay By Text
Paying through a text message can’t be perceived as technology. But, it is the most secure way once you use the phone number to recognize the recipient. Far beyond this mode, a tweet can enable a person to pay by linking the credit card to the ‘pay with a tweet’ option. A tweet is used only when there’s a need to contribute for a fund raising program or organizations. Moreover, if the person is very much confident then he can opt to pay utility bills through a tweet.
When it comes to talking about the future of payments, Artificial Intelligence does come into the picture. A personal AI program can actually take care of payments in bulk without making any mistakes and performing the task in a secure way. For large scale businesses, AI works for processing payments while banks try to sort out customer payments and transactions effectively.
Paying With Your Hand
Among weird technologies, paying with your hand is likely to exist. This would only be possible when the technology works to link the vein pattern with the bank information. In case the person is at a coffee shop, he can place his palm on the scanner and the payment would be triggered instantly.
Payment Through Augmented Reality
Finally, devices based on augmented reality represent a more convenient payment platform. Once a person is closer to an NFC-enabled reader, he can go about making the payment with the help of AR glasses. As for PayPal, augmented reality plays a vital role. The person has to simply lift his smartphone or use the credit card which he owns.
Do share this blog with your friends in case you want them to know about various payment systems.