Many of you who are undergoing this article is already in use of various methods which has been made available to do Digital payments. But this system is not a stable one as everyday new and advanced techniques have been found to make it even better. Let’s get to know them.

The use of the digital mode of payment is in a run nowadays as a large group of people has already been using it successfully the reason is simple the work of the individual is been reduced to almost one-fourth. The various techniques, simple guided tutorial and portability have actually contributed a lot in making this happened. But as time is passing other new technique are spreading its hands in making new entries. There is a long list few of which will actually enhance the comfortability level of human much more. This method can surely change the way of living. This secure system also has empowered cashless India in many aspects. In the span of four to five years, we have seen it all the secure, fast, paracletic driven etc. It is a well-mannered believe that this new add ups will even boost the present technologies now in existence.

Let’s see them one by one:

Biometric authentication:

This method became trendy in the starting of 2020. This method is used as a verification method which involves biological and structural characteristic of a person. In a simple word if described then it is a form of security check that measures and even matches biometric features. There are various methods used for this as a finger scanner in this method unique pattern of rings and swings of the finger is recorded in the form for an individual’s identity. This is one of the common methods in use. Mostly one could have noticed in regard to the opening app can this have a lot of security appreciations. The method is in vast use but does have some shortcomings thus can’t be said full proof.

The facial reorganization is another method the name clearly describes the method in this full face is scanned with every inch of detail. The person needs to focus directly on the scan to match the already saved default. The things it takes into concentration is faceprints. Our smartphones have already enabled this technology and people have found it pretty amazing but struggle in this method is a bit more as the angle mismatched doesn’t allow to unlock and getting it right in terms of angle is quite time-consuming.

Another method in practice is voice reorganization. This technology is depending on vocal character identification under the idea that different people possess different voices. The vocal profile of the person is maintained and every time checked when access is requested. This technology basically focusses on the speaker’s throat and month to maintain the sound quality. Eye scanner is also into practice this is divided into types of check one is the retina scan while other is the iris recognition. Both methods are different in the identification test. In the retina scanner, a small beam of light is projected on the eyes that makes the blood vessel pattern clearly visible thus is recorded for the check-in future trying of access. An iris scanner is a bit similar to the first one but in this pupil is concentrated to get identification.

Smart speaker payments:

We are already aware of this technology and its use in day to day life this is not something new to us but is the application in the field of payment would surely be the next move that may be somewhat different and also a next level to upgrade our comfort level. This can also be termed as a kind of home assistant and that work on voice commands returns a voice in return after successful completion of the work. This is a human-friendly kind of robot. The user could give various command like weather updates, traffic update, ordering food, making updates. 

There is a huge investment made for the invention of smart speaker’s Amazon was the first one to come up with the idea of the smart speaker and now there is its existence in almost of every house. This speaker has made life quite easy. it started with connection with phone only but now there isn’t any restriction while its movement to the mainstream. There are a lot of people out there those who use a smart speaker to buy groceries, ordering food, shopping etc. And it would be around approximately 35% who do practice this in day to day life. There are even a lot of people who use this technology to make direct or indirect payments. But as due to security reason people have stopped using this technology to make payment still there is a glimpse of hope that this would be widely used in future as many big names like amazon is linked to it the security error would be rectified as soon as possible.

Security powered by AI and machine learning

Security is one of the main concerns nowadays and people don’t believe every technology until they are not fully aware of the percentage of security that particular mode offers. At last the higher the security the most used technology. That is the reason why if a security system isn’t able to be then the payment sector wouldn’t be able to make further achievements in terms of adopted modern technology. Every day a huge amount of data is passed to banks from the customer side and thus threats can be possible even with a minor mistake.as of now machine learning criteria is used by banks to achieve this goal this is the first step in need to complete to achieve artificial intelligence. 

As everyday data continuously fends to the database of these banks. Thus, there is software restriction set in order to put a limit to these transactions and even there is the detection of fraud transaction made and separated at the same time which is a great achievement in case of security. Now mainly the customer data is preserved and stored and sure actions are taken on those fraud industries

Contactless payment:

This would be new to a majority of us it’s a new upcoming technology just started to spread its hands in the industry and surely it hasn’t been so long. While in 2020 only this technology started growing in our market. While if we try to guess then some people will directly guess this technology allows us to do payment just by waving mobile phones across the reader. As compared, this is way convenient than inserting a card. Pin technology if compared to this then surely contactless payment are more secured as the work of sending the encrypted data is done without leaving the fingerprint in a faster and convenient way.

Many big companies have already made it into existence like apple, amazon etc. We have digital wallets those are one example. Contactless payments can even achieve through the NFC. NFC is widely in use in western countries. It stands for near-field communication. NFC payments are used in the bus and tube stations in countries such as China. In japan is used for identity card verification. The future of contactless payment is NFC as it is spreading and surely it would power contactless cards by the year 2027.

Conclusion: Digital payment is the future and in the coming years we would even see more methods that would surely make our living simpler and thus we must study about them on a daily basis to be updated. 

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BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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