The Latest Developments in Electronically-based Payment Methods in 2023

 

As technology continues to evolve at a rapid pace, so too do our payment methods. In 2023, we can expect to see a variety of new and innovative electronically based payment methods that will change the way we pay for goods and services. Here are some of the latest developments to keep an eye on:

Cryptocurrencies: While cryptocurrencies like Bitcoin have been around for over a decade, they are still relatively new and untested in the world of mainstream commerce. However, as more and more businesses begin to accept cryptocurrencies as payment, we can expect to see greater adoption and integration of these digital currencies.

Biometric payments: Biometric payments use a person's unique physical characteristics, such as facial recognition or fingerprint scanning, to verify their identity and authorize a payment. As biometric technology becomes more sophisticated and widely adopted, we can expect to see more businesses offering this type of payment method.

Wearables: From smartwatches to fitness trackers, wearables are becoming increasingly popular. In 2023, we can expect to see more wearables equipped with payment capabilities, allowing users to make purchases with a simple tap of their wrist.Wearable technology, such as smartwatches and fitness trackers, is now being used for payments. Devices like the Apple Watch and Fitbit allow users to make payments without needing their phone or wallet, simply by tapping their wrist on a payment terminal.

Open Banking: Open banking is a system that allows third-party providers to access banking data and services through application programming interfaces (APIs). This technology enables consumers to manage their finances more easily and securely, and can also facilitate faster and more efficient payments.

Mobile Wallets: Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are becoming increasingly popular as a way to make payments using smartphones and other mobile devices. These digital wallets store your payment information securely and allow you to make contactless payments in-store or online.

Voice-activated payments: With the rise of virtual assistants like Amazon's Alexa and Apple's Siri, voice-activated payments are becoming more common. By simply speaking a command, users can authorize a payment without ever having to touch a button.

Augmented reality payments: Augmented reality (AR) technology is already being used in a variety of industries, from gaming to healthcare. In the world of payments, AR could allow users to make purchases simply by pointing their smartphone camera at an object and receiving an instant payment prompt.