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Thread: The future of payment technologies

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    Administrator Ross's Avatar
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    The future of payment technologies

    Industry professional predicts future of payment technologies:

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    You think this image is a work of science fiction, but it is closer than you think.

    TECHNOLOGY has already made your Nokia 3315, VCR and cassette player irrelevant and now it wants to destroy your wallet.

    With your unique facial features set to become a way to pay for everyday goods, the future of the humble wallet is looking grim.

    And this is just one of the far-fetched ideas about how our future consumption will work, with every transaction conducted digitally.

    But according to industry professionals, itís not a world of science fiction, we will be abandoning hard currency and bank cards in the not too distant future.

    Mint Payments Bjorn Behrendt is working at the forefront of this evolving industry and he recently sat down with to talk about his predictions for the future of payment technology.

    Here are the seven game changes he expects in the near future.

    Scanning recognition

    There will be no need for a credit card with a PIN because you will soon be able to use your facial features, fingerprints, and voice to pay.

    Using systems that are able to scan and authenticate your distinct characteristics will not only make the payment process more convenient, but it will add more security.

    Imagine standing in front of a parking meter that recognises you through a high resolution camera with your name asking you how long you would like to park.

    The one chip rule under your skin

    Think PayPass, but instead of the chip being in your credit card it is implanted in your body and stores all your personal data.

    Instantaneous transfers

    This new technology will allow you to swap money from one person to another within seconds by using two smart phones in close proximity.

    Payments will be initiated by sending a text message and the money will be exchanged instantaneously.

    Windscreen recognition

    Just like the E-tag has revolutionised toll payments, small devices will be installed in vehicles to allow us to pay for things like petrol, drive-through food, and car washes without ever having to get out of the car.

    Wearable Technology

    Smartwatches will offer an exciting new dimension of payment with the wave of your wrist all that is needed to pay at a register.

    This technology also has the potential to move beyond traditional accessories like watches and take the form of nondescript necklaces, bracelets, and rings to promote additional easy to adopt security.

    Register-less transactions in-store

    New payment systems will use radiofrequency identification chips paired with bluetooth or similar technology to scan and purchase items without you even needing to go to a register.

    Simply pick up a product from the shelf and walk out of the store, leaving the scanners and systems to do the rest.

    New digital currencies

    Try to imagine a global online shopping world without the hassle of currency exchange rates, full price transparency for consumers and an independent currency without the risk of inflation.

    Imagine a currency that is decentralised like the internet itself with a fair value that cannot be influenced by governments or central banks with controversial fiscal policies to tax the people. The possibilities are endless. It might be the most ambitious idea yet, but Behrendt is optimistic it could happen.

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    Jason_ZA (06-29-2015)

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    Re: The future of payment technologies

    Cool but I have a little issue with this singularity era which is being punted. We should embrace technology as long as there is not some sinister reasons being pushing for it. Not so sure that I would like to become a Cyborg and being even more plugged into the Matrix. Technology should help us not control us.

    Ray Kurzweil I believe is a little disillusioned about the real reality of what he proposes he even mentions in his book that we do not need a heart.

    But I do like Jacque Fresco's take on how technology can help a more spiritually advanced society.

    Name:  Time+cover%u0025252C+2011.02.21+%2528Singularity%2529.jpg
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Size:  43.0 KB This is a scary thought.

    Yes Technology might make us more efficient and live longer but just means we could work harder for the matrix and give it more power. I believe that we are able to tap into enormous power without the need of the technology and perhaps all these harmful electromagnetic waves around are probably inhibiting our development.

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    Ross (06-30-2015)

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