Payment Technology is Expanding

NicoleMotta on Wednesday March 2, 2016 at 12:52:20 PM

Payment Technology is Expanding

At the Mobile World Congress 2016 trade show, developers revealed new payment concepts, like using your face.

"We've seen an incredible pivot away from that magnetic stripe on a back of a credit card and toward imagining every device as a payments-initiating device, including a car, a refrigerator, a watch, a phone and everything in between," said Jason Oxman, Chief Executive of the Electronic Transactions Association. At MWC, Visa demonstrated a connected car that allows users to pay for parking or gas with the help of a chip built into the vehicle. But Visa doesn't plan to stop with cars; Sam Shrauger, Visa's Senior Vice President of Digital Solutions, said, "If it has connectivity, there's a potential that somebody might want to use it to pay, whether it's a watch or a raincoat."

Visa is not alone in its push to escape the traditional payment methods. Apple and Google's push into mobile payments has sparked interest in paying with smartphones, watches, and more, opening up payment technology to a whole new world. Samsung has Samsung Pay on its mobile devices, but at MWC its payment technology made an appearance in a refrigerator. This smart fridge allows users to order and pay for groceries from your kitchen. It is unclear how popular these payment concepts will be with consumers as even smartphone payments services are lagging. According to eMarketer.com, only 12.7 percent of US smartphone owners used mobile payments last year, though this figure is expected to rise to 19 percent in 2016. This week, Google announced that it is starting testing on a new payments feature called "Hands Free" that allows users to verify themselves with a photo and their initials.

Photo: © iStock.


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