What is The Currency of The Future? Crypto, Or Gold?
What Will Be the Payment Systems of the Future? What is The Currency of The Future? Crypto, Or Gold?
With the widespread use of card payment systems, the need for cash has decreased. New generation payment systems are also likely to reduce the need for debit and credit cards. We may be heading towards a future where extra tools such as money and cards will not be needed to make payments. So, which payment systems might be popular in the future?
Along with the mobile payment used today, crypto and biometric payment systems are expected to be widely used in the future. Now, let's take a closer look at these systems.
Crypto Payment Systems
Crypto payment systems, which open the doors of the new generation financial world, are becoming more common every day. Although it is not recognized by governments because it is based on a decentralized infrastructure, there are already those who pay with this method and those who receive it. In particular, the level of security brought by blockchain technology plays a role in users' orientation to these systems.
If this system, which is mostly preferred by crypto money and NFT, is expanded, it is likely to become one of the main payment systems of the future.
Payment with Cryptocurrency
Cryptocurrencies, which are mostly preferred for investment purposes today, can turn into a common payment tool at any time in terms of the value they earn. The fact that an American living in Florida bought pizza by paying with Bitcoin in 2010 showed that cryptocurrencies can also be used efficiently in shopping.
10,000 Bitcoins, worth around $40 at the time, are worth millions of dollars today. It is predicted that these digital currencies, which also have temporal value, will be among the payment methods of the future. In fact, El Salvador and the Central African Republic have already paved the way by accepting Bitcoin as their official currency.
Payment by NFT
NFT technology, which makes works of art and various digital assets unique in the virtual environment, can also be used in payment transactions in the future. NFTs with pecuniary value can be viewed as a form of electronic money. Although it is not common, barter method is still preferred in some sectors. NFT, on the other hand, can enable the exchange to be done digitally.
Biometric Payment Systems
Biometric authentication is actively used in many areas, especially smartphones. It is also possible to use biometric data, which contains specific personal details, for payment processing. Fingerprint, palm and face scanning methods are expected to be available for payment in the future.
Fingerprint Payment
The fact that fingerprints, which can be considered the most popular of biometric systems, are different even in twin siblings, maximizes security. The implementation of such a secure payment method instead of encrypted and contactless transactions that can be performed by others is a development expected by consumers.
Palm Payment
The palm can also be used in biometric verification stages. Palm payment is expected to be implemented in larger scale environments. Because palm scanning systems usually require high cost hardware. Although it is not often encountered in daily life, this type of payment method is also likely to be implemented in industrial areas.
Payment with Face Recognition System
The face recognition system, which is more useful than the palm although it is more costly than a fingerprint, works mostly with retinal scanning. Again, this technology, which is frequently encountered in smartphones, is thought to be a solution to cash register queues, especially in physical stores.
It can be very practical for consumers to pay by standing in front of facial recognition devices without using an additional payment tool and waiting in line at the cash register. It is also possible to say that these biometric systems will be beneficial for retailers in terms of fast sales and improving the user experience.
Mobile Payment Systems
Mobile payment systems, which are connected to debit and credit cards but do not physically need these cards, have become widespread today. These systems, which are both practical and efficient, are thought to be one of the most common payment methods in the future. The most important advantage of this system is that it makes it possible to pay by mobile phone, especially through technologies such as NFC and QR.
These advantages are also available in the meal cards that businesses give to their employees as a social support. For example, TokenFlex digital meal card users can make their payments via the mobile application using both QR and NFC payment methods.
Payment with NFC
When we look at the development of mobile phones from the past to the present, we can see that a technology related to wireless data transfer is added to the devices in almost every period. Examples of these technologies are infrared, which is no longer used, and Bluetooth, which provides benefits in many areas, especially in file transfer. We can say that with NFC technology, a level has been advanced in this field.
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