In the world of business, whether you’re an owner, manager or consumer, the ever expanding wealth of digital technology trends have revolutionised the way in which we save – and spend.
Quick, convenient and contactless payment methods are driving our financial services future and with so much to choose from, you need to stay informed on the latest and greatest developments.
Take a look at our top five picks for the digital technology trends dominating 2018 and discover what the future holds.
Tap everything and pay with anything
Phone, keys, wallet – a night out just got even easier with Tap and Pay, giving you the option to leave your wallet at home and pay with a simple tap of your phone onto the payment terminal. While your contactless tap limit is set at $100 per purchase (which can be a lifesaver if you lose your phone/lose track of your spending), this is one of the rising digital payment trends that’s been dominating the last few years, showing no sign of slowing down.
Standing at the self-serve checkout, waiting for the scales to weigh up whether you’ve really paid your way or not is soon to be a thing of the past – we hope. The innovative minds at Amazon Go have created a surveillance-powered, checkout free store where you can grab and go. Despite having to still pay for your groceries, this store uses computer vision and sensor fusion to detect when you’ve taken an item from the shelf, keeping track of them in a virtual cart until you leave, whereby automated payments and receipts take care of themselves. No reports of an Australian store just yet, but we’ll keep you updated.
In today’s digital world, waiting the weekend for a transaction to be processed should be a thing of the past – and with the rise in instant payments, the future looks promising. Instant payments are another of 2018’s big digital payment trends for very good reason – just like transferring money online banking, the New Payments Platform allows you to send and receive money instantaneously, avoiding the usual transaction processing period and the awkward following up of the split dinner bill.
While paying with your face may not get you very far in Australia, it has very promising developments across the ocean with a handful of companies in China debuting facial recognition payment technology. Analysing and matching your face to a database of photos, facial recognition payments are considered to be one of the promising future payment trends offering a high degree of accuracy and subsequent added level of security to your shopping experience.
Between breaches, spamming and the rise in cyber-crime, security has been one of the main highlights in our financial services future, most notably with the introduction of new GDPR legislation. Online business owners are increasingly looking for stable and secure payment platforms to create a secure payment system for easy transactions.
Have you met Beagle? The most secure way to prevent online fraud, find out more about our anti-fraud that’s not anti-human.