Fast Payments Are Now the Norm
Digital wallets have simplified the purchase of apps, games, and subscriptions. Apple has added a Face ID feature for an extra layer of security, and purchases can be authenticated by double-clicking the side button on any Apple iPhone. Unique transaction codes are also implemented, which encrypt the card number when making purchases.
In the transport sector, digital railcards can be topped up through a mobile app, with the balance appearing in a matter of seconds. Uber’s Instant Pay feature allows drivers to cash out their earnings from their digital wallet, giving people more control over their finances.
Fast payments have also benefited those who use paid entertainment online, such as those who play online bingo for real money, for example. Deposits can be made and withdrawn with fewer steps. Due to advanced payment gateway technology, smaller payments are also now a possibility, resulting in some bingo rooms offering tickets for as little as 1p.
Digital wallets are also being adopted by high-street businesses. Starbucks allows its customers to load money onto a digital card that can be used in any store. Even though it isn't any easier than paying via Apple Pay, it allows people to budget throughout the month, showing how versatile payments are becoming and how much potential there is for the future.
Could Authorised Payments Become More Advanced?
Sending money online, or making a purchase, is now easier than ever. As AI evolves, it could play a huge part in online shopping. AI could eventually find products and complete transactions on the customers’ behalf. Shoppers may be able to set budgets and deadlines before authorising AI to complete the purchase.
The steps for authorising a purchase would still be present, but this would streamline the checkout process even more while ensuring the purchasing power lies directly with the customer. Real-time money management could also become the norm.
Wallets that manage saving goals, multiple currencies, investments, and liquidity could become more prominent. Instead of static lists, AI could also merge with bank accounts and eWallets to provide pre-approved mortgage rates and advice. Lifestyle tracking, for example, how much is spent on a particular activity or routine, would be useful. Even though apps like this exist, one that is universally built into a digital wallet could provide more insight into someone’s financial health.
Facial ID is huge for security, but it could be taken one step further. Real-time signals such as typing rhythm, contextual risk scoring, and even the location in which the purchase is made could all be used to enhance security, rather than relying on bank details and facial ID alone.
As wallets move into more frictionless checks, voice authentication could be useful. Hands-free purchasing might also be the next logical step, especially as technology advances to include more signals that determine who is making the purchase, and whether it’s authorised.