Credit card payments evolve beyond the mobile wallet

phys.org | 5/17/2018 | Staff
loranseen (Posted by) Level 3
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Mobile wallets can make paying by credit or debit card seamless: Tap your phone at checkout and you're on your way. But mobile wallets are just the beginning. Payment networks and manufacturers are building payment functions into more devices—expanding your options as well as freeing up your hands.

You could find yourself buying gas from the dashboard of your car, groceries from your refrigerator door or dinner by flashing a smile. And you won't even need your phone with you to make purchases on the go.

Payment - Options - Horizon

Payment options already available or on the horizon include:

— Wearables. Connected "smart" accessories such as watches, bands and rings travel lighter than a phone. To use, the wearer holds a wrist or hand up to a contactless payment terminal. Visa tested these devices at the 2016 Rio Olympics to demonstrate possibilities, says Mark Jamison, global head of innovation and design at Visa.

Market - Fashion - Designers - Payments - Ring

The market will determine, he says, if fashion designers want to "embed payments into a ring or any other device." One company privately testing similar tech is Token, whose smart ring—which performs a variety of functions, from opening doors to paying for purchases—has a waiting list.

In 2017, payment capabilities branched out from Apple and Android smartwatches to some Fitbit and Garmin fitness devices, meaning more people could leave their phone behind while working out.

End - Year - Visa - Merchants - Capability

By the end of this year, Visa expects merchants to have tap-to-pay capability at 50 percent of U.S. locations where face-to-face transactions take place.

— Virtual assistants. When voice payments are enabled on virtual assistants like Amazon Echo and Google Home, you can multitask and take care of "errands" in the moment with verbal commands.

Number - Applications - Payment - Information - Device

Consider the number of mobile applications with saved payment information on your mobile device. In the future, you could free up some data and save a little battery life...
(Excerpt) Read more at: phys.org
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