IT companies want you to be refused credit cards

IT companies want you to be refused credit cards

Apple, Samsung and Google to actively promote payment via mobile phone: the innovation that takes much less time than using credit cards. Despite this, only 10% of all consumers pay for purchases using mobile devices.

However, hundreds of companies are still trying to develop a technology that will cause people to refuse plastic at the grocery store, the Mall or at the gas station.

«Every year we promise that this year payment via mobile will become more popular,» says Jordan McKee, analyst for 451. «But people still use credit cards. And there’s nothing wrong.”

The term «Mobile payment» was first introduced in October 2014 with the release of the iPhone 6. “Payment for goods using smartphones or smart watches is gaining popularity, however, now has already seen some success,” said USAToday Spencer Spinnell, Director for development of new platforms for Google, a company that offers service to the users Android Pay for Android phones.

But progress is slow. They are mainly concentrated in Asia, where popular applications such as WeChat and Alibaba Alibay. According to 451 Research, only 25% of the retail stores in the US have contactless terminals accepting mobile payments.

However, information technology companies do not give up, and the conference Money2020 — good proof of that. This conference presented various tools designed to promote mobile payments and force consumers to switch to faster and more secure payment method.

Some companies work with traditional mobile wallets Apple, Google and Samsung, while others take the basic concept of the smartphone as a payment mechanism — and develop it in different directions.

The biometric data. The new iPhone X, released in November, has a function of unlocking the device after recognition of the face. According to developers Apple is safer and more reliable recognition of the fingerprint.

However, many companies represented at the conference, I believe that facial recognition is not enough. In their opinion, a more effective way of unlocking iris recognition, facial expressions and voice.

“Read one biometric characteristics is clearly not enough,” says Rob Douglas, CEO of BioConnect. His firm has demonstrated a platform that recognizes the user’s phone blinking, the movement of the face and the pronunciation of numbers and words.

Fingerprints. A businessman from the United Kingdom presented their project — «FingoPay» aimed at those buyers who don’t want to care about the presence of a smartphone or card in his pocket. If the fingerprint is validated, you will be able to pay for the purchase. “If someone steals your mobile phone, you will not be able to pay for goods,” says Nick Dryden. With this system you basically “become a purse.”

Chipping. The Wisconsin team that implanted the microchips into the hands of his officers, appeared at Money2020, a statement that their payment method — through the presentation of hand with a chip to the sensor is more efficient than payment by mobile phone.

Payment via Siri. Royal Bank of Canada recently launched a new service: payment of invoices using the voice assistant Apple Siri. You just give it the command to make the payment. Rami Process, Vice-President of RBC said that since it was running a payment using your voice, «this method is gaining popularity».

A traditional credit card. The conference was attended by Visa and Mastercard, demonstrating a conceptual solution that uses biometrics and voice to confirm a money transfer. These innovations were caused by the increasing incidence of fraud, ranging from Target and TJ Maxx and to Sonic and Chipotle.

Mastercard, which only recently announced that she refuses relics of a bygone era — signature — to confirm the payment, has demonstrated a new concept in payment of purchases by using augmented reality (mixing animation and real life) and virtual reality (use of a headset to render the shopping). Meanwhile, Visa is touting the traditional biometric characteristics (face, fingerprint and voice) in their own mobile wallet called Visa Checkout.

According to McKee, people will still use plastic «at least another 15 years.» «Lose it relevance? Of course, but the plastic used all over the world, and it’s convenient.»

According to the materials USAToday