Top 5 Trends Impacting the Future of Payments
October 31, 2018
The humans of historic civilizations who were using primitive barter system could have never imagined how far the payment methods would change for the future civilizations. We are in an age of constant digital transformation which introduces unasked changes in every aspect of our life include the way we pay. These changes will move towards further improvements. Read on to know the top 5 trends impacting the future of payments:
Digital currency and digital contracts: Physical money will be replaced by digital currency like cryptocurrency. Digital contracts will be entered into based upon which the payments will be made automatically to the parties.
Artificial intelligence: Artificial intelligence will play a huge role. Automated bots will make routine buying decisions and make payments for the bills after checking satisfaction of terms.
Biometrics and smart verification of identity: Identity theft is the major loophole in the current scenario. This poses serious threats to safety as usage of the stolen identity may land one in trouble. In the future, payments will be based on unique identity verification like biometrics. Smart verification technology of today’s best overall video based KYC option may eventually develop into gene/chromosome verification.
Wearables and contactless payment gadgets: Internet of Things are going to steal the game. Rather than internet banking, customers would use more of wearables and contactless payment gadgets.
Mobile pay rather than credit card usage: Instead of credit cards, people will be using apps which execute code and generate unique transaction pins. This mobile pay technology will be of more use than credit cards. Swiping would come to an end and all the POS machines would become obsolete soon.
In future payments would be much faster and safer. Presently, with technology hacking grows equally. Hence financial frauds are prevalent. In the future, there would be complete safety in executing financial transactions.