Payment technology is evolving at a rate we’ve never seen before, and this evolution is bringing with it cultural changes in the way we’re choosing to make payments. In-store purchases are not only seeing a shift away from cash, but a shift away from physical cards themselves, as mobile wallets continue to grow in use and popularity. Even ecommerce transactions are enhancing their payment options with tokenization and mobile wallets.
The future of payment technologies is exciting, and with the rapid rate of technological growth, there’s no way to know what to expect, but let’s consider some of the possibilities.
Mobile payments are already very common, with solutions like Apple Pay and Google Pay making it easy to turn your smartphone into a payment device. But this could very well be the start of even more advanced payment technology, as there are so many additional features that are in development to public knowledge.
For example, in-app payments are becoming more commonplace then ever. One place we’re seeing this more and more is fast food restaurants, as they encourage their guests to order and pay through their phone before even stepping foot in the store. So it’s not unlikely to think that other types of retail stores will start doing this as well, and we could soon be shopping for all of our day-to-day goods in an app, and pay for them long before we pick them up.
Smart Technology and Automation
Imagine grocery shopping without waiting in-line to checkout, sounds like a dream doesn’t it? We’ve already seen stores implement self-checkout stations that eliminate the need for cashiers. Amazon recently took it a step further, eliminating the checkout process. Amazon Go offers a grocery shopping experience unlike any other, with a system that tracks what you take off the shelves and charges your Amazon Prime account when you leave the store.
As of now there’s only one Amazon Go store, and it’s located in Seattle where their head office is located. Since Amazon bought the grocery chain Whole Foods however, there has been public speculation over what they are going to do with all of their locations. Whether or not they choose to use the same technology in Whole Foods as they do in Amazon Go is still in question, but the potential is definitely there.
Artificial Intelligence (A.I.) is another technology we have reason to believe will have an impact on the payment landscape. A.I. operates the functionality of Google Home and Amazon Echo, allowing them to check the news, play music, send messages and many more voice activated features. Given that Google developed both the Google Home and Google Pay, it’s easy to speculate that these two solutions would merge together into a singular system where you could search, order, and pay for an item all through voice technology.
In the near future, we will likely see many new technologies evolve our payment solutions and change the way we make purchases. With the largest tech companies creating and testing new solutions, we can already see the possibility of a cashless and card-not-present future. For more information on what the latest payment technology is capable of, visit our blog on Google Pay.