New ways to pay!
8 January 2018
Technology has certainly changed the ways to pay for things over the years. Long gone are the days where people write cheques to pay for things in shops, and the use of cash is steadily on the decline. So with plenty of alternatives to debit and credit cards already being enthusiastically used by consumers, how are we going to be paying for things in the near future?
Next time you’re out and about in the sun and forget your wallet, don’t worry – you’ll likely be able to pay with your sunglasses instead. Visa has been piloting a payment – enabled pair of shades at the Quicksilver and Roxy Pro Gold Coast World Surf League tour in Australia, which will eliminate the need to carry cash or cards on the beach.
The Kerv ring is an M/Chip contactless payment device that enables you to pay for things with this payment ring is linked to a MasterCard prepaid account and comes with a companion card for higher value transactions online or for cash withdrawals. Users can view their spending activity in real time and for added security can turn the ring on or off, preventing unauthorised transactions from being made.
Apple’s popular smartphone payment technology Apple Pay can also be used with Apple Watches. Unlike the phone version, which uses touch ID, the watch version involves users being sent a passcode to authorise payments. Storecards, boarding passes, movie tickets, coupons as well as credit and debit cards can also be stored using the system.
The Contactless Jacket by Lyle & Scott features a Barclaycard bPay contactless chip in the cuff. The technology compromises a small contactless chip – like the one in credit and debit cards – that is inserted into the jacket, on the right-hand sleeve. It can be used by anyone with a UK Visa or MasterCard debit or credit card.
Facial recognition and fingerprints
Every face or fingerprints is unique – and recognition software has now advanced far enough f or you to be able to pay using a selfie or by touching a scanner. MasterCard has launched Identity Check, which enables customers to pay using facial or fingerprints recognition. It’s being rolled out in phases this year, and has the potential to do away with the need to remember passwords or PINs altogether.
This article was published in our Business Reporter Online: Future of Payments.