Payment Technology of the Future
In this week’s blog post we take a sneak peek into new payments technology of the future.
As new payments technology is developed around the world, your customers of tomorrow will have more choice than ever to pay for their goods and services and only add to our move to a cashless society. Having a business that can be adaptable and ready to take on new payments technology could have a positive impact on your business in the future.
Mobile Payment Technology
Owning a mobile phone is commonplace in today’s society and has opened up many new ways of undertaking daily tasks, none more so than paying for goods and services using your mobile phone. Your customers are now able to use the latest in Contactless Technology by adding their payment cards to their Banking App. This allows your customer to make quick, secure real-time payments simply by placing their mobile phone next to the card reader in your business.
Other technological innovations of the future may well utilise your customer’s fingerprint and even Iris (eye) recognition to make a payment.
Wearable Payment Technology
With Contactless Technology continuing to be adopted, many businesses are looking for new and innovative ways of to get customers to pay for their goods and services in a variety of locations.
Major Festival and Event organisers have already used a ‘Wristband’ that can be pre-loaded with money using Samsung Pay, Android Pay and Apply Pay to pay for goods whilst at the event itself, saving you the hassle of carrying your cash or cards around with you. As well as the rise in wristbands is the ongoing development of smart watches and bands that enable you to do everything you can do on your mobile phone including making payments.
Future innovations could include wearable payments fashion including Fashion Jewellery such as Rings, Bracelets and even Sunglasses could all be on the future agenda.
Implanted Payment Technology
Although very much within its infancy, the use of implanted technology using the latest Contactless Technology has been talked about for a few years now. The idea is that a small Radio-frequency Identification (RFID) chip encased in glass is embedded into your skin and automatically works as a contactless payment option.
The size of the implanted chip itself would be quite small which would render the capabilities of the chip limited in what can be stored within it. The chances of an implant becoming a common payment option are currently minimal due to the very nature of them having a chip implanted into your body.
That said, the growing pace of technology and the openness to body modification may well see this becoming a possibility in the future.
In-Store Payment Technology
For any business, offering multi-payment channels in a store is an important facet in gaining customer loyalty.
Today, many retailers have made use of in-store ‘Points Card’ Schemes such as Nectar and Boots. Having the ability for a customer to make regular purchases, accrue points and then being able to pay for future purchases using these points has been around for many years now.
In-Store payments of the future could see the development of retailer-specific ‘Micro-Currency’, used to purchase goods and services exclusively within their outlets and through affiliated partner organisations to help achieve brand loyalty from customers.
Major Retailers could see the advantages of developing their own currencies as a way of cost-cutting, by not having to pay banks and transactional fees.
Amazon has already begun to look at this new payment technology by launching their own Grocery Stores, which allow customers to be charged for any items that they pick up at the shop via sensors, which then charge their Amazon account directly.