PAYMENT SOLUTIONS
A glimpse into the future of payments But what will this fast-moving financial future look like , and who will benefit from the transition ?
According to a recent survey by
Marqeta , the way we pay our bills and make purchases will look very different in a decade . Those debit and credit cards we love to carry will almost certainly become obsolete , while slick mobile payment apps will also disappear . The research found that :
• The future iterations of ambient commerce include a mixture of facial recognition and AI-based decision making
• Payments may become increasingly invisible as we move to more “ ambient ” models of commerce – such as the recent emergence of till-less grocery stores . By 2030 , this will evolve even further so there will be no cards or payments devices . Instead , a person ’ s biometric data would be captured by cameras , along with the item they are purchasing and sent directly to their bank . While ( 32 %) of surveyed consumers find the idea of ambient commerce ‘ creepy ,’ experts believe given how quickly Uber and the like have been accepted as a norm , the convenience would soon win people over
• 51 % of consumers surveyed saying they would consider using a contactless microchip implant to make payments
• 31 % of 18 – 24-year-old respondents say they would be comfortable with AI making automated decisions on their behalf to choose the most ethical way to pay
Changes brought by automation Automation of payments has become the logical solution to what would otherwise be a labour intensive and time consuming process .
Martin Rehak , CEO of
Resistant AI says manual processing simply isn ’ t a realistic option anymore , given the volume of transactions payment processors deal with today . This change , although accelerated by the pandemic , was inevitable .
He explains , “ Human oversight cannot guarantee consistent security against fraud or hacking at those scales . So there is no going back on automation . Done properly , automation can harden many parts of the payment process to improve security — but the caveat , here , is “ properly .”
“ Thanks to open banking , fintechs can plug-in-and-play with different APIs in one automated , secure process ”