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Payment Innovation Trends

Escrito por Redacción TNI el 27/02/2018 a las 22:50:58

The recent pace of technological change in the Internet of Things shows that it is no longer in its infancy. A clear example of this can be seen in retail: While AmazonGo is regarded as a sensational innovation in Western countries, China is perhaps even further ahead, for instance with the BingoBox – a small convenience store on wheels where customers can pay for their purchases with a QR code on their phone. One advantage of the bingo box is that it is mobile and can be transported to new locations on the back of a lorry. There are already more than 200 of these containers in China and the founder of BingoBox is even thinking of exporting to Europe.


There is no doubt that these concepts are very innovative. But is this really the limit of our imagination? Wirecard’s answer to this question is a resounding “NO”! We say that the future of IoT technology is biometrics.


Setting new standards


As you may know, over the past few years Wirecard has evolved from a pure payment provider to a global driver of digital financial technology. In 2017, Wirecard entered into a collaboration with T-Systems to develop a futuristic IoT showcase. This created the Connected Store, which is based on IoT technologies combined with AI algorithms and biometric face recognition: Our smartphones are already using some biometric data, such as fingerprints and facial recognition, which are already used by the latest iPhones among other devices. This means that eventually classic QR-based technology will be replaced by biometric payment processing, which is even more customer-friendly and enables a more seamless payment experience.


Europeans are ready for biometric payment


The first steps on this innovative path have already been taken. In September 2017, Costcutter in the UK became the first supermarket in the world to enable payments using finger-vein technology. This is a groundbreaking advance both for retail and for financial technology, which is constantly growing and developing. Europeans’ views on biometric payment methods are interesting: In 2016, when 14,000 people were asked to give their opinions on biometrics, 53% stated that fingerprint scanning would be their preferred payment method, since they considered it to be the most secure of all the biometric options. A further 29% considered a combination of traditional PIN entry and a new biometric element to be the safest and fastest option for the payments of the future. Would you like to know more about these trends? If so, we are pleased to offer the chance to discuss this with expert Jörn Leogrande, Executive Vice President Wirecard Labs, who has a clear vision on how IoT, digital shopping and biometric technology will change retail in the near future