The fast-paced world of technology and commerce is always changing. This motivates consumers to change their lifestyle to keep up with the constantly changing trends in the media and technology as well as those being suggested by top social media influencers. Just as consumer seek to stay in line with trends, retailers and payment processors also look to get ahead of the curve.

We here at Royal Debit have spoken about payment technology trends in 2017  and addressed the uptick of card-free payment systems in the retail market. These systems operate mainly on biometric data such as voice recognition, face recognition and fingerprint recognition technology to secure and give access to consumer payment accounts. As a leader in the payment processing field, we always strive to stay on the cutting edge of both technology and consumer trends.  We want to look into this topic further to discuss what the future may hold in terms of possible payment options.

Possible Upcoming Payment Technology

There are several payment technologies planned to be released soon that merchants should make note of. There are a few wearable pieces of payment technology as well as biometric innovations that are set to change the industry completely over the next ten years. Not only can merchants look forward to easier processing times, but consumers can look forward to paying for their retail purchases with just about any wearable accessory.

Palm Based Payments

There is a startup in Chicago that has created a system named Kayo that uses biometric technology to allow people to pay for their purchases by simply swiping their hand over a scanner during checkout. This futuristic payment system requires consumers to set up an account online that is tied to their traditional payment methods such as a credit card or debit card. Any retail location that has a Kayo payment terminal can be used and the terminal uses the consumer’s unique palm print to processing each transaction making it essentially foolproof. You can easily leave your wallet at home and make your purchases with the palm of your hand. Your purchase history is also linked and viewable via an online dashboard that allows you to review your purchases, manage payment sources, and stockpile rewards points. As mentioned in the Chicago Inno, you can already use Kayo in several Chicago retailer locations and it is set to expand further over the coming year.

Ring Based Payments

For UK consumers, ring based payments for retail locations and transportation are already on the rise. The Kerv ring is tied to a special MasterCard that comes with the purchase of the payment unit. Users can also add money to their ring via an existing Mastercard or Visa. You don’t have to worry about running out of charge for your ring in the middle of a shopping trip and it also doesn’t have to be tethered to a phone to work so you can shop till you drop and be stylish at the same time.

Sunglass Based Payment

Visa has announced its payment-enabled sunglasses pilot program that operates like a contactless payment method thanks to a tiny contactless card hidden in the frame. This pilot was first to run in 2017 during the Roxy Pro Gold Coast competition and the World Surf League’s 2017 Quicksilver which were sponsored by the card carrier.

Facial Recognition Based Payments

The Samsung Galaxy S8 by Samsung Electronics Co. features top of the line security for their users that they hope will help them to stand apart from other cellular providers. The S8 uses a mix of iris, fingerprint, and facial recognition to verify those seeking to pay for purchases using Samsung Pay. This is the first phone in the company’s line to offer payment options through other models have phone unlocking options on other models.

More Upgrades In Future Payment Technologies

The innovations mentioned above are just a few examples of some of the great trends and advances in payment technology that are slated to hit the market over the next 10 years. Not only will they gain traction in the mobile market, but they are also set to turn the POS industry on its head. Here is a list of more payment advancements that have been predicted.

• Bitcoin is set to be the most popular form of untraceable online payments.
• Retailers will send special offers based on location thanks to geo-location technology.
• Fiserv among others aims to make deposited check available immediately.
• A Turkish bank in partnership with MasterCard created a watch pass payment system call Bonus Trunk Watch.
• And so much more!

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