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Innovative payment solutions you should know about

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Visa conducted a survey showing a global shift of consumers and merchants towards contactless digital payments. One in four consumers worldwide expect to switch to cashless payments in the next two years alone, according to this new Visa Global Back to Business study. The survey found that 16% of consumers had already switched to digital payments, while just over 70% saw accepting new payment methods as critical to business growth. Payments are one of the most exciting areas of technological innovation today and a strong fintech technology trend. Banks, card companies, and fintech startups are busy developing new technologies to address rapid market changes and shifting consumer trends.

Likewise, an AMEX survey also found a significant change in US consumer attitudes about technology. The number of people using contactless technology in stores increased 11% in April 2020 compared to August 2019. This growth is not particularly surprising given the range of benefits contactless transactions provide. In this article, we will tell you about innovative payment solutions that you should know about.

Innovative Payment Solutions You Should Know About

Mobile money wallets

It is not a recent phenomenon, but it has been in the spotlight in recent years. Also known as mobile wallets, they are the virtual wallet that allows you to link your payment card to your mobile phone and pay with your mobile money when you need to do a translation. The experts at HPS Worldwide firmly believe that mobile wallets are the future of the payments industry that everyone should be a part of.

Plus, you can securely store your card details, make and receive payments, pay bills, and much more. Furthermore, research has found that mobile payment methods are increasing rapidly and will only grow over time.

Biometrics

We saw the first fingerprint biometric credit card issued by a UK bank. In 2020, expect to see more of this kind of payment innovation. It is safe to say that consumers are now used to biometric authentication. Just consider smartphones that unlock themselves with fingerprints and facial recognition. Biometric security is becoming the new normal. This is why providers are going to investigate new ways to increase the security of their services in response to new regulations, but also to the increasing sophistication of fraud tactics.

face recognition

In recent years, fast food outlets have been busy replacing their human cashiers with self-service kiosks. The next logical step could be to allow people to place orders with a simple facial scan. At its Pasadena point of sale, customers can use its kiosks to order, pay and log into the chain’s loyalty/rewards program. “Our goal is to replace credit card drafts with payments in person,” said company chief executive John Miller.

Biometric payments are already flourishing in China. Motivated by positive customer feedback, hundreds of restaurants across the country have implemented digital technologies to improve customer experiences, growth and operational efficiency.

My Voice – Voice Payments

These days, financial companies, banks and e-commerce are striving to offer more personalization to their customers. With many tech-savvy consumers actively using popular virtual assistants like Alexa, Google Home or Siri, FinTech startups are scrambling to offer similar services. Startups are combining voice recognition, language processing, and machine learning algorithms to enable voice payments and provide an additional layer of security for authentication.

UK-based startup My Voice uses machine learning, speaker identification, sentiment analysis and emotion detection to trigger advanced voice commands. One of the company’s solutions authorizes in-vehicle digital voice payments. This not only protects transactions, but also allows users to drive and manage financial operations at the same time.

contactless payments

Conventional card payments require the insertion of a card at POS terminals or the use of chip and swipe readers. Contactless methods allow you to simply tap a card or wave your mobile phone to execute payments, saving a lot of waiting and processing time. Plus, thanks to Near Field Communication (NFC) technology and enhanced security, contactless payments instantly handle encrypted data transfer.

The Australian startup Littlepay develops a convenient, flexible, scalable and secure digital payment platform for the transport sector. It is easily deployable on buses, trams or trains. Mediated by risk management algorithms, the solution paves the way for multi-channel consumer payments, via touch card, mobile phone or wearable device.

Final words: Innovative payment solutions you should know about

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Lucas Simonds
At Bollyinside, Lucas Simonds serves in the role of Senior Editor. He finds entertainment in anything and everything related to technology, from laptops to smartphones and everything in between. His favorite hobby may be collecting headphones of all shapes and sizes, even if he keeps them all in the same drawer.

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