Connect with us

Tech

The top payment tech predictions for 2021

The way we make transactions online is set to change drastically, with systems becoming smarter and more payment options becoming available.

mobile payments
Image: Unsplash

Technology has improved drastically in the last 10 years, encouraging a technology cycle of new innovations, the basis for even newer ones. New payment innovations are made up of multiple components; mobile payments, contactless payments, mobile wallets, identity verification technologies, AI, and machine learning for security.

Online payment technology is set to change in all aspects of our daily lives, from buying groceries in the supermarket to playing at online casino sites, such as those at https://mrcasinova.com/. As a result, it is important to keep up to date with the latest trends and changes, and to understand how they can project into the future.

Here are the top trends and predictions shaping the future of payment technology systems.

Mobile Payments

Mobile payments are growing rapidly and are one of the primary ways to bring consumers without access to bank accounts into the financial ecosystem. These payment systems show strong future growth due to the large number of benefits that they provide not only to consumers, but to businesses, financial institutions, and even the government.

In particular, tech-savvy businesses are starting to focus on social commerce, as people are spending more and more time on social platforms. Improved integration is encouraging growth in social commerce apps, that can manage complicated transactions on mobile. We are likely to see more and more businesses offering users the ability to check out through their social profile, instead of being redirected to an online store. On top of this, the payment process is to become faster as chatbot checkouts and autofill will help to decrease the time it takes to complete an online transaction.

Identity Verification Technologies

The introduction of biometric payment methods saw the use of fingerprint recognition, eye scan as well as facial recognition to authorize payments. Many views these payment methods to be more secure than traditional passwords, as well as being more convenient as users do not need to bring out their credit cards or remember their passwords when making a payment.

Many businesses are now looking to introduce biometrics to provide a much easier payment option, as well as to offer a higher level of security and to avoid fraud. Biometric payments will become more and more reliable, and we are likely to see the adoption of these identity verification technologies grow substantially throughout different industries.

Artificial Intelligence and Machine Learning

Artificial intelligence is becoming smarter by the day and is enhancing the performance of payment technology throughout the world. Its primary focus is to ensure the maximum level of security through complex fraud detection systems, providing protection against cyber-attacks. This type of machine learning is already being used in some online payment systems, such as AI shopping on Amazon’s Alexa, however, the future shows a substantial increase in the use of artificial intelligence with different payment platforms and systems.

The way we make transactions online is set to change drastically, with systems becoming smarter and more payment options becoming available. These new technology innovations will also payment processor companies to improve the customer experience by making transactions easier and to offer top security for users.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

Comments

More in Tech