New Payment Methods Focus On People Rather Than Passwords [Future of Retail]
New transaction technology ensure that customers can pay quickly and securely for all kinds of purchases.
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.