We’ve seen some major changes in the last couple of years to how consumers can pay for goods or services. We have moved to a credit-based society as less and less cash exchanges hands. Historically, we’ve used a credit card magnetic swipe to transmit payments. As a result of security breaches, we’ve moved to the EMV chip reader which helps protect the transaction from end-to-end. But, expect much bigger developments in 2017,according to a Business.com blog:
- Cards will become irrelevant. Near Field Communication allows for consumers to pay using their mobile device, and a direct link to their bank account or card to pay for items at the point of sale when the cashier scans a barcode generated by the device. As a result, experts predict that as NFC mobile payments and mobile wallets are more widely accepted by businesses of all sizes, consumers will steadily shift away from the need to carry a physical card.
- Wearables will evolve. Consumers may ditch their cards and wallets, but they’ll replace them with wearables. Though smart watches will continue to function as mobile payment devices, they’ll evolve into tools that facilitate contactless payments using NFC, as well as a mobile wallet. The wearables market will also expand into battery-free, water-resistant smart rings that include wireless hardware designed to process NFC payments (they were tested by users at the 2016 Summers Olympics). Simple clips that attach to a user’s waistband or belt buckle to facilitate NFC mobile payments will also become available to those who don’t want to wear jewelry. Wearable bracelet-style bands that use a person’s heart rate to authenticate ownership and validate NFC purchases are currently being piloted to facilitate secure mobile payments.
- Payment with a smile. Mobile devices and cameras go hand in hand. It was only a matter of time until “selfies” found a role in the mobile payments experience. Retail giant Amazon filed a patent in spring 2016 that would allow online shoppers to snap photos of themselves to pay, instead of using a password. To reduce the likelihood that thieves could snap pictures of people and steal their identities for a mobile shopping spree, the selfie-based payment requires the users to move in a certain direction or blink on command to confirm they are the people initiating the selfie-based payment in that moment.
Similar selfie-based mobile payment technology is being tested by major banks. In fact, the technology is expected to become so popular that CNN.com predicts consumers should expect it to be the norm in the next five years, replacing passwords and signatures.
These are some very futuristic advances we’re heading towards. If you want to keep your POS Systems up and running as long as you can while they work out the inevitable kinks in all the upcoming tech, contact us. Great Lakes Computer ensures peace of mind with POS Systems uptime through our specialized on-site POS repair services. We fix the problem the first time and avoid costly interruptions to your business. We carry on-site spares to secure a quick and cost-effective response to your POS Systems repair needs. Our POS Depot Repair Services will provide you with a substitute POS System to keep you going while your POS equipment undergoes repair.