Pay Faster in the Future: New payment technologies keep the line moving
In the world of technology, payment options are becoming increasingly futuristic. If you're looking for ways to cut down on time (at least a few nanoseconds off your wait in line), the new tech wave of payment options may be your answer. These three payment systems are currently in circulation and may soon be available to you.
Unlike normal credit cards, smart cards are embedded with a computer chip that stores all your data directly in the card. All you have to do is wave the card near the reader, and the computer processes your transaction. Though smart cards contain a built-in security system, the amount of information these cards are able to retain causes some concern among consumers and professionals alike--bad news could be on the horizon if smart cards are hacked or straight-up stolen. The Smart Card Alliance states that there are more than 35,000 merchant locations where "contactless payment cards and devices" are accepted.
Few people, if any, leave home without a cell phone anymore, which would make paying with your phone very convenient. This technology is similar to the transmitters used in contactless cards, except that these chips allow for two-way communication, which is supposed to be a more secure payment method. The downfall? Most companies are in the development and trial period with this technology for U.S. consumers. PayPal is one of the few companies currently utilizing this technology.
In the future, we may not need anything but a fingerprint, a voice command, or even a retinal scan to make a purchase. This technology is still being developed. Companies are introducing trials to explore how to make biometric authentication a viable, everyday option. Your finger links you, and only you, to your accounts--completely eliminating the need to carry cards, checks or cash. The scanning machine's ability to remember a person's fingerprint is causing some concern about privacy and safety, but that hasn't stopped the movement.
In 2006, Visa USA conducted a study revealing that more than half of U.S. consumers carry their cell phones at least 75 percent of the time. As companies and stores work together to adapt to new payment methods, you may never have to worry about losing your wallet again!
Sources:
cdt.org; wired.com; smartcardalliance.org; thirdfactor.com; trijaycorp.com; paypal.com; visa.com; cyphermint.com; news.com
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