A Quick Look At The Future Of Cashless Payments

As technology has taken giant leaps forward, it has made our lives convenient in many ways. One of the biggest steps wash reducing the use of cash. Cashless payments started out with the use of plastic money (credit and debit cards) and moved on to online payments. Today, the cashless payment services have expanded so much that it is an industry in itself. Digital wallets have become widespread to such an extent that we are looking at a future completely revolutionised by e-payments where cash and credit cards will be a thing of the past.

With its gradual expansion and diversification, the payment industry is continuously moving towards greater user convenience and better experience. In the future, to make payments possible on the go, even wearable devices may be capable of making transactions. At the end of the day, seamless transaction experience and mobility is what the users want while making online payments, and this industry has its eyes set on making that happen. Mastercard is already setting the trend with its new suite of APIs for card issuers. This will make it possible for their consumers to be aware of their card data and use it for payments, regardless of where they are and what device they are using.

Mobile commerce: One of the biggest waves in the ocean of financial technology, mobile wallets are only going to get bigger and better. With tech giants like Apple and Samsung joining the market, the buyer can expect unparalleled convenience and options. As of today, Google Pay and PayPal have become household names. Many fast food chains like, Burger King, Chipotle, Starbucks offer in-app payments and sometimes even have discounts on these purchases to spread the culture of digital payments.

Voice Commerce: This innovation is about to make big waves in the technology sector in the near future. It holds the potential to change the very face of the fintech sector with its unparalleled speed and ease of transactions. Along with this, it also paves a way for a discussion on the use of AI-driven online commerce for example the use of chatbots and in-home connected devices.

Blockchain: This has taken the entire industry by storm and is all set to expand its footprint. Originally developed to enable cryptocurrency payments, blockchain technology has found use in many sectors like music, health, education and agriculture due to its simplicity and promise of complete transparency. Blockchains could be used to make all financial transactions much easier and faster along with making the reporting process more secure.

With all these emerging trends, the finance sector is about to undergo a complete transformation. Analysing them now and designing them to get the maximum benefits is the need of the hour.