Future payment instruments: what will replace the cash
The Financial Environment A Life / / December 19, 2019
The fate of the cash
Number of non-cash transactions in the world is growing rapidly, and in some developed countries reachesWill Cash Disappear? the order of 92-99% (the United States, Canada, United Kingdom, Sweden).
Closest to get rid of cash came Sweden. In most Swedish institutions no longer accept the cash, look askance at her, even in banks. Professor Niklas Arvidsson (Niklas Arvidsson) considersSweden is on its way to becoming the first cashless society on EarthThat Sweden could become the first country in the world without cash.
In Russia, the number of non-cash payments is not yet so great - only about 58%, but with time electronic money is still replace cash. The question is what will come to replace them: plastic card or something with which many of us to part only during sleep - smartphones.
Card or smart phones
David Birch (David Birch), an economist and consultant on digital financial services, saysPredicting the future of moneyWhen cash will disappear, the main payment instruments will not plastic cards, and mobile phones.
While the payments with the mobile app is not too convenient, as tied to a particular bank. Do you use a map and a mobile application to your bank, and the transfer of other bank customers pay a commission. In Russia, there is no universal application that allows you to work with all banks and transfer money to anyone, but this may change in the future.
For example, in Sweden in 2012 there Swish application that allows customers to transfer money between all the major banks in the country without a commission and maintenance fees for individuals. Now this application uses more than half of the adult population. Similar services exist in other European countries: iDeal in the Netherlands and in Finland Siitro.
In the future, possible full transition to mobile payments through a single application, and even a complete rejection of the bank card.
For example, in Kenya, about 55% of all payments in the country is done through M-Pesa system, which is not associated with a specific bank or government and is based on the mobile operator Safaricom. This proves that the future of remittances is not necessarily connected with banks and card.
Not only smart, but also other equipment
In a world of increasingly distributed cashless payment technology. According to the dataTwo in three phones to come with NFC in 2018 IHS Technology, 64% of all mobile phones shipped in 2018, will support NFC technology. This means that more people will be comfortable and safe to pay with your phone, not to fish out of the bag a plastic card.
It is already possible to pay for purchases with your smartphone or smart watches. Why not go further and imagine that it will be possible to pay with the help of other techniques?
At the International Consumer Electronics Show Samsung unveiledIt's more than a fridge. It's the Family Hub smart refrigerator Family Hub Refrigerator, which keeps track of your shopping list, and you can order food delivery.
In this case, you do not need to pay for purchases using the card: the money will be written off with the purse tied to the account of the refrigerator.
Visa in collaboration with Honda developsRoad ahead: Connected cars coming to a lot near you smart car with built-in payment system and even suggests to bring new product to market by 2020. Smart car will be considered time spent on paid parking and automatically deduct the money at the exit from it, to determine the necessary amount of fuel and independently pay for it at the gas station, writing off money tied cards.
And this is not the only such project: the fuel system of payment through an application submittedJaguar and shell launch world's first in-car payment system as Jaguar and Shell oil company.
Thus, payments are becoming more visible. May contact the payments disappear altogether in the future. There will be only virtual cards or a single payment account, which will be connected all your devices.
Technology can go even further, and then in the payment instrument can turn your own voice or fingerprint.
Biometrics and payments
Biometric technologies such as fingerprint, are widely used in mobile applications. According to the dataBiometric Authentication App Use Anticipated To Surge by 2019 research firm Juniper Research, by 2019 the number of downloaded applications that use biometric authentication, will reach 770 million.
While biometrics is widely applied only to mobile applications, but in the future it can spread to ATMs and payment terminals in stores. While it used to be not only a fingerprint, but also other methods: facial recognition and voiceVoice and Facial Recognition to Be Used in Over 600 Million Mobile Devices by 2021, Iris scans and echocardiograms.
in the reportMobile Biometric Applications Biometrics Research Group in 2017 stated that the widespread adoption of biometric technologies in the smartphones will accelerate penetration of biometrics in mobile banking.
Researchers believe that biometrics will considerably accelerate mobile commerce, will ensure the safety and intuitive experiences.
Biometric technology actually simplify the payment: you do not need to remember any passwords and PIN codes, you can not forget the house fingerprint or voice. No one can steal your finger or iris, as opposed to the card or even mobile phone.
However, biometrics has its drawbacks. For example, if you burn your fingers or become ill and lost your voice, you can lose access to your bank account. Over time, these problems will find their solution and biometric payments securely come into our lives.
The impact of technology on the lives of
Payments are becoming more invisible and imperceptible. If previously you had to get out of the bag and wallet to give bills, now it is enough to bring to your terminal telephone, and in the future, perhaps, you do not have to get it - would be enough to make a finger or say a word.
Meanwhile, a studyOne Of The Biggest Reasons You Overspend Is Already In Your WalletIt showed that by paying the purchase card, people spend 12-18% more than buying for cash. So maybe invisible payments increase thoughtless consumption and will drive people into loans and debts? It all depends on how quickly will be introduced this technology and whether we will have time to learn financial cultureTo spend virtual money wisely and carefully.
If you want to learn more about the future of payment systems and how they affect the financial the behavior of people come to the lecture "How to finance technology affect our lives" from the cycle "The financial environment."
One of the leading experts in the sector of retail payments Victor Dostov will tell what trends are emerging in the field of payment tools, we will pay 5, 10 and 15 years and how it will affect the banks, the financial sector and in our lives whole.
The lecture will take place on March 14 at 19:00 in the Central Library. N. BUT. Nekrasov (Moscow, Bauman Street, 58/25, p. 14). Visiting lecture series "The financial environment" is absolutely free, but seating is limited. To register, click on the link below.
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