It’s safe to say that there have been numerous technological advances in the last five years alone. While we don’t have flying cars or sci-fi-inspired gadgets, many technological advances have changed modern life.
Future Payment technology is no exception; in fact, it has been evolving since the inception of payments in order to develop more efficient and secure methods. Payments are a trusted method of exchanging money for goods, so regardless of the varying technology, this is the simple goal they strive for. The payments industry is constantly evolving to accommodate cutting-edge technologies, and payment digitisation has revolutionised the way we manage our money and conduct business in order to provide easier, faster, and more secure payment methods. Let’s talk about some of the future payment methods.
Central Bank Digital Currencies (CBDCs) are digital tokens or electronic records that represent a country’s currency in its virtual form. Over the next 20 years, these, along with private-sector cryptocurrencies, are expected to have the most disruptive impact.
A CBDC would help unbanked members of society gain financial inclusion by connecting them directly to central banks. This would not only help to reduce infrastructure and transaction costs, but it would also reduce the likelihood of third-party risks such as bank failures.
Given all of these advantages, CBDCs are very likely to become more popular in the near future. According to data, 86% of central banks are actively investigating the potential of CBDCs. While CBDCs are still in their infancy and many kinks must be worked out, digital money will almost certainly play a significant role in the future of money.
Cryptocurrencies And Blockchain
Cryptocurrencies and blockchain technologies are shattering global barriers and forever altering how we sell, buy, and pay for goods and services. All of these trends necessitate quick and simple payment solutions. They cater to the needs of global customers, allowing them to make online purchases, send, receive, and withdraw money in a timely manner.
In response to emerging market trends, significant advancements in available technologies are always made. The digital payment market is no different. Continue reading to learn about the digital payment technologies that will be available in the future.
According to RetailDive, approximately 2.1 billion customers will use mobile wallets in 2019. This is a mobile app (application) that functions as a digital wallet. Various components enable simple, quick, cashless payments, allowing users to send money to other users, store money in the wallet, and make payments. While many current mobile wallets are brand-specific, such as those offered by Samsung, Apple, and Google, it is expected that other companies will develop their own, competitive mobile wallets.
Bluetooth Low Energy Technology
This payment technology, developed by Apple, recognises signals from beacons and reacts accordingly. While not legally permitted, iBeacon technology aims to improve, or rather transform, the retail experience. Imagine being able to choose your items and walk out of the store with your final selection without regard for money or the inconvenience of queuing. The iBeacon system would follow you around the store and process your payment as you left.
Wearable Payment Devices
Another safe way for customers to buy goods and services. It is a tap-and-go payment method that is by default added to their smartwatches, wristbands, or smart rings. It is a brilliant method for guaranteeing safe and error-free payments. According to research, the wearable technology market is going to become $1.37 trillion by 2027.
As payment technology seeks to improve all aspects of the payments industry, including how customers, suppliers, and banks interact with it, we can expect increased investment and market competition in the coming years. Digital payment solutions have the potential to transform your financial services by making it easier and more secure to offer multiple payment methods that work in a global market. Imburse Payments offer an efficient, non-integrated payment as a service. Contact us for a custom payment system that works for your business and your customers.
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