menu

New Payment Methods Focus On People Rather Than Passwords [Future of Retail]

New Payment Methods Focus On People Rather Than Passwords [Future of Retail]
Advertising

New transaction technology ensure that customers can pay quickly and securely for all kinds of purchases.

PSFK Labs
  • 29 november 2013

In a world where everyone can know your name (and increasingly intimate personal details), how can connected shoppers keep their payment information private? With personal data increasingly viewed as insecure, developers and engineers are moving away from hackable passwords and forgettable PIN numbers and experimenting with transaction methods that are quick and easy, but can’t be easily replicated.

In our fourth Future of Retail report, PSFK Labs has identified the trend of Instantly Verified, where payment systems link to verified shoppers to make them more efficient and secure. Payment services are taking advantage of mobile and social technologies and biometric sensors to disrupt traditional financial transactions. This allows customers to touch, swipe or even smile to pay. Keep reading to see how these new systems envision paying for goods and services down the road.

secret-handshake1

Matthew Drake of the advertising agency 22Squared created Secret Handshake as a way for customers to pay using personalized hand gestures. Drake wished to circumnavigate the need for carrying a phone or a wallet, but still be able to pay for products and services. The prototype is designed for retailers already using Clover’s shopping cart API and mobile payment POS system. Shoppers are able to sign into their accounts and access an optional payment feature called the ‘secret handshake’ instead of credit or cash. Utilizing the Leap Motion gesture controller, shoppers then provide a sequence of hand signals and motions that the system recorded upon their signing up. For example, the customer could flash a descending number of fingers ‘three, two, one’ over the Leap Motion controller to complete a payment.

apple-touch-id5

Apple’s iPhone 5s offers Touch ID for secure identification by recognizing a user’s thumbprint, thus streamlining payment for any purchases made in iTunes or the App Store. Users identify themselves by pressing their finger against the home button, where a high-definition sensor captures their, or any number of pre-approved users’, fingerprints. This identity-recognition feature can be used to verify users making iTune, App Store, or other mobile purchases. The image is then matched against the one stored solely on the phone’s memory, maintaining security. Touch ID aims to elevate image and visual recognition security l by scanning 170 microns in thickness with 500 ppi resolution.

uniqul3

Helsinki-based payments company Uniqul has designed a tablet-based checkout system that allows registered users to pay using facial recognition software. The system uses military-grade algorithms to verify shoppers’ biometric data in under a second, allowing them to complete any purchase simply by pressing the ‘OK’ button. Shoppers are able to enter payment details into the Uniqul system once when they sign up for the subscription service. The system looks to cut transaction time from an average of 30 seconds down to five seconds, allowing retailers to spend more time providing service or getting to know their customers. A 2013 survey conducted in partnership with Finland-based Uniqul found that biometric payments were favored over mobile and 82% of UK respondents were willing to provide facial scans.

The Instantly Verified trend is part of a bigger theme called Networked Purchase Path. At key points along the shopping journey, a forward thinking retailer or brand can effectively employ data, connected technologies and human service to meet the shopper where they are and anticipate where they will go next, created seamless experiences and better interactions across channels.

In the fourth edition of the Future of Retail Report, PSFK Labs brings together two interconnected themes and eleven key trends that provide a foundation for the modern shopping experience. The findings are brought to life with best-in-class examples, actionable strategies and leading questions to inspire leading retailers and brands. Join us at our San Francisco conference on Nov. 21st to hear talks from retail innovators that will bring the report’s key themes to life.

for_625x100

 

Image: Core77

Advertising
Trending

PSFK's Workplace Vision: How The Nurturing Of Seeds Will Come To Define The Onboarding Process

Brand Development
Media & Publishing Today

CNN Launched An Entire Drone Division Of Their News Network

CNN AIR incorporates aerial footage into the corporation's ongoing news coverage

Advertising Today

Uber’s Breathalyzer Cards Let You Know If You Are Sober Enough To Drive

A new campaign from the ride-sharing service raises awareness about the importance of a safe trip home

Trending

Get PSFK's Latest Report: Future of Retail: Technology Primer

See All
Design Today

Milk Proteins Could Be The Packaging Material Of The Future

A newly discovered casein-based alternative is biodegradable, sustainable and even edible

Technology Today

Intel’s New System Will Help Technology See And Understand The World

Joule is a tiny board for developers designed to bring powerful computer vision to cheap and easy-to-make prototypes

PURPLELIST EXPERTS

Steve Clayton

Tomorrow's Technology

Design Today

This LA Hotel Is Designed Specifically For Cocktail Drinkers

The Walker Inn is a new Los Angeles "Bed and Beverage" experience that offers guests an intimate setting for their night cap

Education Today

Bringing Virtual Reality And Telepresence Robotics To E-Learning

This Learning Management System is embracing new technologies to reallocate teaching resources to where they should be going

Advertising Today

Interactive Art Exhibition For Dogs Provides Endless Fun

Installations created by artist Dominic Wilcox are based on activities loved by canines, such as fetching tennis balls and splashing in water

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

PSFK Op-Ed Yesterday

Why Building Better Offices Is The Key To Employee Engagement

Interaction Designer and Audio-visual Technologist at ESI Design illustrates the value in creating environments filled with surprise and delight

PSFK Labs Yesterday

PSFK’s Workplace Vision: The Annual Review Becomes An Everyday, Collaborative Activity

Our Future of Work vision is a web-based platform through which teams can collaborate on and monitor performance reviews across all channels, ensuring a happier workplace

Beauty Today

Design Your Own Custom Watch Faces

Customize your wrist device with Garmin's new app that lets you display personalized images or patterns

Syndicated Today

How The Olympics Taught Us Lessons In Cloud Analytics

Dan Vesset, group VP for analytics and information management at IDC, tells how cloud-based business analytics support decision-making

Beauty Today

Retail Expert: What Sustainability Means To The Millennial Generation

Jo Godden, Founder of RubyMoon, discusses how brands can limit their environmental impact worldwide

Arts & Culture Today

Artist Shuts Down Sexist Comments By Turning Them Into Images

Rora Blue explores social stigma in a photo series titled 'Handle With Care'

Arts & Culture Today

Japanese Face Wash Creates A Perfect Rose Every Time

Kanebo's latest addition to the Evita line includes an application that dispenses cleanser in the shape of a flower

PSFK LABS REPORT

Innovation Debrief: Boston
Business Concepts Born In 'The Hub'
AVAILABLE NOW

Mobile Today

Twitter Bot Will Warn You If You Are A Troll

An online tool developed out of Intel's Hack Harassment movement helps filter out or notify cyber bullies

Retail Today

Passengers Can Now Earn Airline Miles For Sharing Their Location Data

The Frequent Flyer app measures background data and gives travelers points that can be exchanged for tickets with participating airlines

Advertising Today

The NBA Is Releasing Two Original Shows To Stream On Twitter

The sports league announced a deal that demonstrates an interesting expansion of its content strategy

No search results found.