Digital wallet is up to standard, but firms should make sure it stays relevant to the times with the help of technology innovations.
FREMONT, CA: Every business and transaction had to digitally transform itself to keep up with this contactless way of functioning. As businesses shifted online, payments had to do the same. Cash is set to be the least used payment means worldwide by 2022. As reliability on the digital wallet is mounting every passing day, it is interesting to see what the future of pay looks like. Here are the key digital wallet trends that are going to rule 2021 and beyond.
The surged use of digital wallet payments has naturally seen a rise in the security of these payments. Due to possibilities in fraud, digital payments may see more of a biometric-based authentication this year. Biometric authentication involves – fingerprint scanning, facial recognition, heartbeat analysis, vein mapping, and many more. According to Biometric Update.com, the usage will increase as it is estimated that 2.5 million biometric payment cards will be issued this year. This increase assures safer and efficient transactions.
Increase in QR codes
Digital wallet payment done through QR codes will increase, and there will be an even lesser need to give firms an associated contact number or code number. QR codes make it seamless to simply scan and transfer the money and mitigate any error scope that otherwise may occur while giving out a number. QR codes are also flexible and inexpensive and can be used by a vendor of any shape and size.
To have a frictionless experience means having a good checkout process for any consumer. This involves but is not limited to having short checkout lines at stores, having self-checkout choices that reduce contact, auto-renew subscriptions, one-click payments, and many more.
AI and Machine Learning
Integration of artificial intelligence or machine learning software with digital wallet payments will prevent or better track fraud and theft. Interestingly, banks have already invested about $217bn in AI-based applications, and in the coming years, AI and ML-powered apps and systems will be typical in fraud prevention.