How Will Payment Methods Work In The Future? Of course, the means of payment are exercised by technology for a while. However, we can currently mention credit and debit cards that work by transfer and transfers via PIX as the big news.
In this context, along with all the changes in the ways of paying, there is also a new way of behaving for the consumer. To top it off, the pandemic is accelerating this transition process.
In short, in this content, we will address these issues; therefore, what are the trends for the future and the means that already exist. Read on!
Types of payment methods:
This way, get to know some new payment methods, which have become popular in recent years:
In summary, the QR-Code is a type of code that allows, among other things, to make a payment by reading it by a cell phone camera.
So it is only necessary to position it in front of him and, automatically, the charge is carried out. Currently, many companies use QR-Code as a means of payment; and publicize promotions and even menus in physical locations.
Payment Method: Digital wallet
Have you ever purchased a mobile app? So, do you require that you only enter your credit card details once on the device?
So a digital wallet is a feature that can use customer bank details stored in a secure environment, such as the Android and IOS systems of mobile phones.
Thus, an exciting number about this payment method is that those who use a digital wallet spend 23% more than those who do not have it.
Near Field Communication (NFC)
In summary, this is one of the payment methods similar to QR-Code. Therefore, instead of reading a code, it transmits the payment via radiofrequency.
Now, bring the cell phone, the card, or even through smartwatch watches, and that’s it: transaction performed.
Payment Method: Cryptocurrencies
Cryptocurrencies are virtual currencies that you use to make transactions. They are stored in a digital wallet, and the value can also be converted to real value.
For example, it is already possible to use them to pay for purchases in Japan’s Apple Pay and Google Pay app stores.
Do you like to take a selfie? Now, just one of them is enough to pay for your purchases on the digital bank. So, with a Visa-branded card, users can now carry out transactions through facial recognition.
Mastercard also started testing selfies, in this sense, through an application that recognizes and confirms a person’s facial traits.
Payment Method: Biometry
Biometrics is already used as a means of identity recognition in many types of businesses. Therefore, health plans and gyms are examples of companies that already use the resource.
It is one of the safest payment methods. Visa and Mastercard have already been developed and are still testing biometric identification for transactions.
PIX case: banking revolution
Now a dream come true: make transfers and payments between any bank, at any time of day, without paying ANYTHING; without using machines and less than 10 seconds: this is PIX.
In this context developed by the Central Bank, this payment method started to be valid in November 2020. In December, the PIX already had 133,877,957 keys registered; less than two months, according to BC.
The PIX shows it as one of the most advantageous payment methods. As a result, new choices open up among financial institutions to offer greater flexibility and ease to the consumer.
It is simpler, faster, and has a total cost of zero compared to other forms of payment. Shopkeepers also approved of an idea. With Pix, you can receive compensation immediately, unlike using credit cards, for example.
However, this is not to say that all payments will be that way, despite many PIX memberships. There is still a significant portion; more than half of consumers make their payments via credit card.
Forecasts for the future
Therefore, the evolution in the way of consuming does not stop here, and the trend it’s easier and faster with:
- Mobile wallets, which allow any purchase and payment;
- IoT applications or the Internet of Things: have you thought about making a payment with your refrigerator?
- Less use of paper money and plastic cards;
- Increased charges by voice;
- Reinforcement of payment security with Artificial Intelligence and Machine Learning, which will reinforce biometric authentication.