Humanity took a very big leap towards advancement with digitization, particularly in the area of payment processes. These methods have become quicker, safer, easier, and more convenient. Ram Chary Everi who served for almost 7 years at Fidelity National Information Services speaks out of experience that there will be further massive changes in the system, making it, even more, user-friendly in the days to come.
The major changes in the digital payment systems could be discussed in the following:
- Biometric authentication – the authentication of the identity of the person using a combination of biology and the physical structure of an individual is known as biometric authentication. The convenience and accuracy of this system make it a preferred one with offices, schools, and the like. This payment trend is carried out in the likes of face recognition, iris recognition, fingerprint recognition, vein mapping, and heartbeat analysis.
This is an extremely safe method; there are very bleak chances of theft or fraud wherever these are used. This mode of authentication provides proficiency, accuracy, and most importantly security. Studies by experts in financial services such as Ram Chary Everi reveal that customer loyalty is greatly enhanced with the inclusion of this payment method.
- Codes – unlike the previous times when the bank provided cards that were recognizable with the numbers printed on them, the current trend will be to resort to EMV technology. The Europay, Mastercard, and Visa technology are now known for their codes. These are security codes sent to the registered phone number of the person initiating the transaction. It is only when this code is fed into the transaction that it can be completed. These temporary codes are a great addition to the safety and security of one’s money at the bank. So it can be said to be a journey from the cards to the codes.
- mPOS – Increasing demand for the Mobile-point-of-sale is one rapidly growing change in the world of the digital payment process as would agree by Ram Chary Everi who led the technology division of the Fidelity National Information Services. This is revolutionary, particularly for the merchants who no longer have to be bound within the four walls of their stores and wait for in-store payments. The ease of payment this little portable technological addition has made is remarkable. Now payments can be made at any place at any time. Alongside, the mPOS has also made it possible that the central checkpoints of stores can be replaced by staff who stand with the mPOS devices for the convenience of the customers.
- Contactless payments – this is how a card can simply be waved over a reader and the transaction will be initiated. This is faster and more convenient. This is more secure than entering the PIN as the details of the transaction are directly fed into the mPOS device. Big giants of the corporate world such as Apple, Google Samsung Pay all use this payment system already. The major changes in the digital payment systems could be discussed in the following.