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Payment Trends That Will Change How We Pay In 2018
The financial market is constantly evolving. In fact, both experts and new players are now in the habit of creating and designing new payment models and expanding business paradigms. In order to build an effective payments model, you have to understand the different forces that are at play in the market and to determine how these factors actually affect the ebb and flow of the value chain. Organizations should also understand how these changes actually affect and influence business priorities as well as existing payments systems.
Payment trends are shaped by the changes that happen to technology and market demands day-in and day-out. With these major shifts in technology, payment trends have also mushroomed which aim to revolutionize the way people process payments. Check out the top payment trends that will change how we pay in 2018:
- Wearable Payments. With the rising popularity of wearables like iWatches, people are now used to checking out their wrists to check for notifications and also to play different games. These days, wearable gadgets are more geared towards the health and fitness industry and are in fact eyeing the elderly or those who have limitations in movement. Financial transactions can also be integrated with wearable tech which makes it easy for people to make payments at a grocery store or for paying the taxi. Imagine how you can easily pay for your needs by just waving your arms.
- Context-Based Payments. Payment systems are now getting speedier and faster. The guessing game is now easier because the system can automatically detect and take the next step. One good example of this is Uber. This can detect outright once destination is reached and then proceed to authorize payments.
- Cryptocurrency Payments. We’ve seen the proliferation of different alternative payment methods like cryptocurrencies which are now accepted in the mainstream market. These new payment methods or currencies will evolve over time but the major payment processors like PayPal are bound to stay. Many people would still go for the safe payment methods especially when they are participating in casinos or gaming sites. For instance, PayPal casinos offer the convenience and security in payments over competitors. There are now major cryptocurrencies accepted in online financial transactions like bitcoin and other upcoming decentralized currencies. It’s definitely shaping the money market and the future of the financial economy.
- Biometric Security Payments. There has been a buzz over the future use of biometric chips in payments. There are different options considered like fingerprint scanning, vein mapping, or iris scanning. These would be integrated into the cards that will serve a two-step authentication method.
The future of payments is in the works. One key factor to consider in making payments is to ensure that everything is secure from both ends. This will create a seamless and automatic payments process. The future of payments is happening in real-time especially with the integration of new technologies and gadgets. Predictions on trends though are bound to change at any time with different tech influences that bombard people on social media and mainstream media.