The advancement in technologies has played a massive role in changing the payments options methods and flipping the old-school ways of making payments. These new modes of payments, in turn, have ended up transforming our lives by providing us with the most convenient way of dealing with money, payments, and economic transactions. Take a look at all the new payment modes that are becoming more common.
The new and improved methods of digital payments are convenient and more efficient than the traditional payments options. The usage of these modes is on a rising trend due to their contactless nature, cashless nature, and being paperless. Statista says that 5.4% of the people are using digital payments as compared to 2019.
Who would have thought that the world of payment could get more convenient? With a tap of your contactless credit or debit card, you are able to make payments. Making contactless payments is easy. You simply hold your card within 4-8 inches away from the screen while paying at a contactless terminal. This method of payment is done through RFID technology as well as NFC payment app technology, but both methods are similar in contactless payments
Biometric authentication is a verification method that involves the structural and biological characteristics of a person. payments options utilizes fingerprinting scanners, iris recognition, facial recognition, vein mapping, and heartbeat analysis to prevent fraud and identity theft.
No more bitcoin, no more cryptocurrency. Tap, scan, pay and go. There is a lot of buzz around digital payments right now and it is no surprise because of the many benefits they offer such as convenience, speed, and security. Here are some new innovations in this space as well as their applications. In fact, according to research by Statista, the total value of transactions made using cashless payment modes like credit cards, debit cards, and mobile wallets should reach over 2 trillion U.S. dollars by 2021
mPOS is a revolutionary technology that allows businesses to accept payments seamlessly from anywhere in their store, even off-site. It works just like a cash register but it is powered by a mobile phone, tablet, or another wireless device. This technology offers freedom to the businesses to eliminate a central checkout area and accept payments from anywhere in their store, even off-site.
Contactless payments are another method that is growing rapidly and will continue to do so. There are a lot of different mobile payments apps that allow their users to purchase products, transfer money, pay bills, and virtually complete any other kind of financial transaction, all with the tap of a finger.
Online shopping offers you the opportunity to buy a diverse range of products. However, online shopping also poses a risk especially if you have sensitive information such as credit card and bank account details stored on your PC or laptop. Online transactions can be impersonated if the customer leaves them unsecured. Therefore, through the use of smart speakers, individuals can now make secure online payments over voice commands. Users are only required to authorize the payment, after that they can pay the exact amount through their smart speakers.”
Recent years have witnessed a huge surge in digital payment technologies. From using a phone to using a smart speaker, the digital payment modes are gradually shifting from conventional to advanced devices. However, despite being considered a relatively new and convenient mode of digital payment, only 28% of people have used smart speakers to transfer money.
As we previously stated, there is no doubt that payments are transitioning from physical cash to digital payments. This will make it easier for many companies as they will now be able to offer payment methods with less effort and lower costs. Users will also be getting better services with this innovation in the payment methods which will bring a positive change in the future.