Processing payments for purchases on the go is already a possibility. More and more merchants are utilizing technology to accept credit card payments wherever they are located. All that is needed is a high-speed internet connection to use in-phone applications, and add-on attachments that instantly convert smart phones and tablets into point of sale (POS) terminals. The vendor at the local fair, for example, can accept credit cards. The organization operating that bake sale table outside a department store can also provide mobile processing services for payment. Those trends coincides with people carrying less and less cash.
The Future of Mobile Processing : Taking Advances Further
New technology to accommodate the demands of consumers and merchants is used to introduce creative payment options on a regular basis. It can become difficult to keep up with the latest innovations. The digital wallet, for example, allows consumers a way to link smart devices to credit cards and bank accounts. There is no need to carry plastic around, or swipe a debit card through a machine. Simply wave the mobile device at the near-field communication (NFC) terminal to begin a transaction.
The future of mobile processing took a giant leap forward with innovations in wearable technology. The Apple Watch is an example of how convenient it is to authorize a purchase. A wave of the wrist is all that is needed. It is subtle, simple, and secure. Making payment even more inconspicuous is possible as necklaces, and even earrings, are equipped with mobile processing capabilities.
Temporary tattoos are available that can unlock a mobile phone. NFC chips will soon be available, at affordable pricing, to those who prefer to carry no purse, wallet, or watch. These chips are designed to be implanted under the skin with a simple syringe. Security risks are dramatically reduced because there is nothing to attempt to steal. No wallet or watch means there is nothing that can be pick-pocketed in a crowd. Women will not have to worry about safeguarding a purse, and no time is wasted looking for a credit card, or digging a cell phone from a back pocket.
Simplifying the Process Entirely
Small and discrete items still have some risk associated with usage. Jewelry can still be stolen, temporary tattoos will not last long, and chips will disintegrate under the skin. The current trend to emerge in the future of mobile processing requires no additional devices or chips to authorize transactions.
Biometric mobile processing technology utilizes fingerprints to unlock devices and initiate purchases. The technology is already common place for security applications, it is just new to retail applications. Voice recognition and eye-scans are probably the next innovations to be introduced. The system is simple, secure, and virtually fool proof. Replicating fingerprints for fraudulent purposes will be near impossible, despite how easy it looks in television dramas and spy movies.
In addition to security benefits for consumers, mobile payment technology offers several benefits to merchants. Overhead costs are lower because it is more cost-effective to process digital transactions than it is to process cash. The NFC terminal digitally manages inventory and supply needs for the business. Security is higher because in-store fraud decreases as technology provides faster ways to verify customer information.