Emerging trends on the horizon for future payments technology are possibilities for credit unions, while there remains much work to be done to make these relevant to members. Here is a sneak preview of some evolving trends that might make it to the marketplace:
- Doing the talking
Biometrics is one area of research in the next wave of payments technology, according to experts, but the question now is which body part will lead the way, particularly in authentication. Fingerprints and touch ID are taking much of the lead. Trailing right behind is authentication technology, which would allow consumer verification over the phone by comparing the speaker’s voice with stored “voice prints.”
- On/off buttons
Members would like to be able to manage the functions of their cards and reduce fraud through on/off button technology in future transactions. The use of mobile appswould be key pieces in the use of this type of technology.
- Picture pay
This emerging technology might allow users to pay bills by photographing invoices rather than using traditional online bill pay methods. Financial institutions offer traditional bill pay, but picture pay may be looming on the horizon.
This future technology has long been associated with Bitcoin, but its fundamental ideas are now being reviewed for global payments. Essentially, the idea revolves around the use of distributed ledgers, which are digital ownership records that have no central administrators and do not reside in a central location.
In the end, focus and listening to member needs, as well as ensuring security, will be the best method for deciding which payment technologies are worth pursuing. Read more at Credit Union Times.