Source | transmitter.ieee.org
If you’ve already started your holiday shopping, you probably noticed all of the different payment options at checkout. Gone are the days of wallets that runneth over a la Seinfeld’s George Costanza. Personal finance has been following in the footsteps of the broader financial industry with smart solutions designed to enhance the way we pay, secure and invest.
Wall Street power players have long embraced technology to optimize their time so they could focus on making money. Advances in machine learning have helped the industry process and analyze big data to evaluate assets, risks, as well as market trends.
If you use your fingerprint to authorize a payment, you’re already immersed in the world of biometrics. At Web Summit, Visa’s Jonathan Vaux spoke to the sophistication of biometric authentication, saying that consumers don’t want to know that safety is an issue, and that biometrics helped to make mobile payment behavior habitual. In addition to fingerprint scanning, Vaux explained facial recognition, heartbeat, and retina scanners as potential platforms for biometric authentication.
3. INVISIBLE PAYMENTS
The demand for payments to be less and less visible is upon us. Invisible payments offer merchants an opportunity to engage more closely with their customers, using data they collect to shape their payment platform. Vaux explained that while the gateway transaction medium for invisible payments is the smartphone, the future of the IoT is fueling alternate payment sources, including your car.