Payments: from cashless to cardless

The days of plastic payment cards are numbered, and mobile wallets are starting their taking over. The recent global rise in contactless payments, as well as biometrics, demonstrates that consumers prefer simplified methods of payment that do not require much intervention on their part. Although there are still concerns from some consumers about such technology, the security of such payments systems is well-beyond that of traditional cards. Moreover, mobile apps are giving consumers greater control over their accounts, allowing for dynamic changes to when, where and how card information is accepted.

The possibilities for this technology are nearly endless, especially when combined with internet-of-things (IoT) devices. With IoT, the conversation between your device and a goods or services provider can be invisible and completely automatic. The future of simply going to a store, picking up what you want and leaving without the hassle of lines, cashier, cash or cards is here. Not only will this simplify living, it will also declutter our wallets and our environment of the increasingly useless plastic card.

Source: www.fintechweekly.com