Top Digital Payment Developments to Watch

CIO Review APAC | Thursday, November 25, 2021

Fingerprint scanners, facial recognition, iris recognition, heartbeat analysis, and vein mapping are some of the verification methods available.

FREMONT, CA: For a long time, economics, money, and the way people make payments have changed significantly. In some forms, all of these are vital signs of evolutionary progression as a species. The basic manner of life was reflected in the fundamental tactics. Furthermore, today's payment systems, which are based on innovative technology, showcase our present technological approaches.

Payments digitization was a big step toward the purpose of creating a simple, convenient, rapid, and secure payment mechanism. All of it, it may be argued, has been achieved. In the last four to five years, digital payment systems have undergone significant changes, and we should expect much more in the future. It is interesting to see what the future has in store for everyone in these times. Take a hard look at all of the digital payment trends that will be big in the coming days and beyond.

Biometric Authentication

In the approaching days, biometric authentication will become increasingly popular. Biometric authentication is a means of verifying a person's biological and anatomical traits. Fingerprint scanners, facial recognition, iris recognition, heartbeat analysis, and vein mapping are some of the verification methods available.

With the surge in identity theft and fraud, biometric authentication could become a safe and reliable alternative for all digital payments—even the statistics point in the same direction. According to a study, 2.5 million payment cards (approximately) will be issued by the end of 2021. Biometric authentication is an essential payment technique because it combines accuracy, efficiency, and security into one convenient package. Because it utilizes an individual's unique traits, biometric authentication is a very secure method. This component also contributes to the development of client loyalty and trust.

Gen Z: The Tech-Savvy Generation

According to research, by 2021, Gen Z will account for roughly 31 percent of the worldwide population. This population shift will be hugely significant. Because of this trend, most of the world's population will be a tech-savvy or tech-exposed generation. This generation will rely more on advanced, automated, faster, and more efficient technologies and services. As a result, in the following year, demand for digital payment methods will skyrocket.

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