Technology

How The Technology In Smartphone Is Changing The Way You Pay

The fact is that when you buy something, you have to pay for it either with cash or by any other means. In the past, that always involved having to carry some money and coins on your person or writing out a check to cover the cost. Luckily, technology has advanced rapidly over the recent years to provide much more efficient, safe and convenient payment solutions for all.

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Paying for goods in a shop has been completely revolutionized by the widespread use and acceptance of debit cards. When they were first introduced, many would not have guessed how popular these little bits of plastic would become over time. Linked to a bank account, they removed the need to carry money in a wallet or purse and made paying for goods quickly and simple.

Advances in smartphone and apps have also made an impact here. New apps emergences allow you to order items and pay for them without leaving your house. Many smartphones also enable contactless payment in shops too. In this case, online payment solutions including payment gateways deserve mention with their ability to allow safe and efficient digital payments between individuals or companies. Such as PayPal and MOLPay. Presently, innovations are changing the way you pay, and smartphone is one of the tools that has a powerful potential to cater the future payment market.

Quick Response (QR) code

Consider this: You have shopped online and selected cash-on-delivery as your payment option. However, the day your package is delivered to you, you do not have enough cash with you to make the payment. It is in situations such as these that QR code-based payment app comes into play. If your bank has created QR code-reader app, you can scan the code printed on your package and the payment will be credited to the seller from your account.

Near field communication (NFC)

NFC is the technology that allows two devices like your phone and a payment terminal to talk to each other when they’re close together. NFC is the technology that enables contactless payments. Some of the example that using NFC payment are Apple Pay, Android Pay, and Samsung Pay. NFC mobile payments are dynamically encrypted, making them one of the most secure ways to pay.

Blockchain

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Always growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Bitcoin is the world’s first global decentralized digital currency. As a cryptocurrency, it uses cryptography or math to control the creation and the transactions of bitcoin. A network of nodes verifies these transactions on a distributed public ledger called blockchain.

Biometric payments 

Biometric payment is a point of sale (POS) technology that uses biometric authentication to identify the user and authorize the deduction of funds from a bank account. Fingerprint payment, based on finger scanning, is the most common biometric payment method. Often, the system uses two-factor authentication, in which the finger scan takes the place of the card swipe and the user types in a personal ID number as usual.

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