Money, economics, and how we make payments have gone through several changes all the way back from the Stone Age. The primitive methods of payment used back then were an indication of the way of living. In the same way, the technology-driven payment methods we use today are great examples of modern technological achievements.
Digitisation of payments was a great leap towards secure, fast, convenient, and easy payment methods. We saw significant developments made in a period of four to five years, and there are more changes on the horizon.
Today, we can access brands that promote a specific payment method, with an e transfer casino being one example. And we can even pay for goods and services using digital coins. It’s exciting to see what the rest of 2022 has in store for us. Here, we’re going to look at how technology will continue to pave the way for innovative payment methods in 2022 and beyond.
Biometric Authentication
This is a trend that’s set to quickly emerge. The verification method involves a person’s structural and biological characteristics. The methods of achieving this include vein mapping, heartbeat analysis, iris recognition, facial recognition, and fingerprint scanners. With increasing problems revolving around fraud and identify theft, biometric authentication can be a secure and reliable solution for all digital payments.
Biometric authentication is an important and unique method of verification, as it provides and incorporates security, efficiency, and accuracy under one single package. As it relies on individual, unique characteristics, biometric authentication is a highly secure method. This also helps in developing customer trust and loyalty.
Smart Speaker Payments
Smart speakers or home assistants enable users to control a speaker with their voice, with an audio response coming the other way. The user can ask for such things as traffic and weather updates, as well as order an Uber or rent a new season of a hit show on Amazon Prime.
Amazon developed the first smart speaker in 2004, with Google and Apple later following suit. Speakers that evolved from smart assistants were undeveloped as they could only be used with phone devices.
With the evolution of home automation, however, these speakers began to go mainstream. There looks to be a promising future for smart speakers, with the Apple, Google, and Amazon investing in the development of more advanced models.
Top-Rated Security Powered by Machine Learning and AI
Security is the most important aspect of payment. People prefer to use a payment method with a high level of security. That’s why payment methods can’t go forward unless they develop top-grade security.
Every day, banks receive a lot of customer payment data and personal details. And to find all possible threats within mere seconds, banks now turn to machine learning for help. Machine learning is the very first step needed for artificial intelligence.
Banks are always feeding their software with new and different transactions. The software uses a number of limited transactions and learns to spot fraud transactions in real-time. As an increasing number of transactions are sent to the software, it keeps continues to improve at spotting these fraudulent transactions.
Wrap Up
While digital payment methods have already made significant progress, there’s more to come. Before the transition from physical cash to digital payment methods concludes, we’ll see many trends come and go. However, they’ll play a key role in how we make payments in the future. The above trends will also have an important role in that process. The extent to which each will be accepted, however, only time will tell.
