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Looking Into The Future Of E-Payments

e paymentsEvery now and again there seems to be a society changing method in which we can pay for goods and services. Transactions and the payment systems that run them have evolved frantically in the past years. Thanks to advancements in technology and the relevant security measures being put in place to try and deter financial criminality these systems have made us rethink about how we bank, how we share money with friends and family and more importantly how we pay for things.

With the development of websites and the progression of the systems supporting them we are now so used to making quick and easy transactions and payments online via the internet. It was an incredibly convenient enhancement to our everyday lives helping to leave behind some of the more outdated methods of payment. Credit and debit cards evolved also introducing chip and pin technology to make payments at the checkout counter swifter and as effortless as ever. But with developments in the mobile market the potential of apps and smartphones are now being tapped as a new resource for collecting cash and making payments.

paying with a smart phoneWith a simple touch of the Touch ID sensor on your iPhone, iPad or the new Apple Watch you will be able to make an instant payment in store using the Apple Pay system, of course where these types of transactions are accepted. The service is currently finding its feet in the US and will look to expand to Europe and in parts of Asia later this year. Samsung Pay is very much the same kind of thing but will be able to utilise the newer near-field communication (NFC) as well as being able to interact with the older styled magnetic secure transmission (MST) pay terminals, something that Apple Pay will not be able to achieve.

On the other hand Google Wallet has been using the NFC setup for a few years now, even if you didn’t know it. paying with google walletThe facility is set to be auto-installed on various Android devices which will help its exposure and usage incredibly in the forthcoming months. It’s just one of many new ways in which we can now pay for things online, much like the UK-based e-payment system that allows its users to exchange cash for a unique 19-digit code that you can then use to make online payments to play the latest mobile casino games.

The likes of Apple and Google have been rethinking the way in which we use virtual money for a while now and it seems like we are heading to a time now where contactless payments will be ever more commonplace. Who’d have thought just a few years ago we’d now be able to unlock our smartphones with a fingerprint. This idea of ‘identity’ is being worked with by developers and creatives to come up with all sorts of interesting concepts to allow contactless payments to progress and expand even further.

 

 

 

About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.

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