How Payments Are Changing Modern Business

Businesses are increasingly becoming more tech-connected, and capitalizing on new technology to streamline business processes.
Ruth Ann Holt
3 min to read

How Payments Are Changing Modern Business

The digital world has completely changed the way customers prefer to pay for their purchases. According to an American Express survey, the number of customers that prefer contactless payments increased by 11% from August 2019 to April 2020. This data shows that businesses and consumers are looking for safer, faster and more convenient ways to process payments without compromising health and safety protocols. It is no wonder new innovative payment processing methods have sprung up and flooded the contemporary e-commerce world. Here are four payment methods that are changing modern businesses:

1. Contactless payments

To minimize the risk of contracting the Covid-19 virus, more and more consumers are opting for contactless payments when it’s time to make the purchase. So long as it is safe, easy and convenient, it benefits both the business and the consumer. Redde Payments offers an innovative contactless payment method by allowing the customer to simply tap their mobile device to pay through near field communication (NFC).

Customers are often very satisfied with the contactless options because it takes away the need to carry cash, eliminates touching money, and it is a lot faster than traditional payment methods.

2. Biometric authentication

As digital transactions have become increasingly popular, and so do the chances of fraudulent activity. Biometric authentication is one way to minimize this risk. This method uses measurements of specific parts of the body, such as fingerprints, as proof to verify the identity of the consumer. Many consumers prefer to use this method for making payments due to its extremely high security against scams and illegal activities.

Visa is a leader in the application of biometric payments, as the company has launched the first pilot test program in the U.S. Their technology implements an on-card biometric sensor for consumers who prefer contactless payments. The new cards will utilize fingerprint recognition instead of the usual signature or pin methods.

3. Facial recognition

Technology just keeps getting better with each new application. Facial recognition is a process of identifying a person based on the details of the person’s face. The program takes a photo, analyzes the face, and compares the detailed patterns, i.e., the distance between the forehead and chin, the contour of the eye sockets, the bridge of the nose, to name a few. If the program finds a digital match of two faces and the face has been recognized and verified, approval is granted.

KFC in China is now using facial recognition technology to take orders as well as predict customer’s orders. They took it a step further and combined artificial intelligence (AI) to recommend to customers menu items based on their age, sex, and mood.

4. Tokens

Using tokens is a new and fun way to trade and send payments as it provides strong safety measures and safeguards both consumers and businesses against fraudulent and illegal activities. When consumers use tokens in a transaction, their personal card number is replaced by a token– their personal card number is never transferred during the transaction, thus making it a safe and secure payment method.

Socios fan tokens are a great example of this. They're a new type of digital asset that gives fans the power to connect with their favorite sports teams and partake in decision making. To make it even more exciting, these new digital tokens give exclusive access to special promotions as they unlock the advantages of a VIP reward system.

New and Better Payment Options

It truly is exciting to watch how the world of e-commerce is continuously evolving with new technologies that benefit businesses and consumers alike. With more advanced payment methods, consumers get to enjoy smooth and secure transactions, while businesses have the customer’s satisfaction and trust. A simple improvement in payment methods can mark the beginning of a continued good relationship between businesses and customers, all with the help of modern technology.

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