What will payment processing be like in 100 years?
Nowadays, our vision of the future is limited by the concept of money. We still live in an age where we pay for everything we buy through credit granted to us in exchange for the sweat of our brow. Wild futurist speculations talk about the end of money-based economies. Marxists used to contemplate free distribution of everything based on need.
Everything about new and contemplated payment methods have to do with the fact that the payee has money in his or her electronically accessible account. The method of payment simply adjusts how the promissory note is written.
So, what will payment processing be like in 100 years? We really can’t say. But we can talk about present day experiments with carefree payment methods that insure safe transaction with less effort than check writing and credit card swiping. Security of transactions has been driving a lot of the innovation in payment processing methods. Seamless integration of payment system and POS systems with ERP systems and accounting systems also drives some new ideas.
- There will be more ways to pay including things such as rent-payment kiosks in retail locations, notifications by texting message or employing smart phones and tablets in transactions.
- Scanners or cameras will increasingly be used to deposit written checks. The system deposits the image of the check rather than the original paper.
- “Digital wallets” will be used to pay for goods and services. These systems use various means of electronic transfer of funds to pay for services.
- Chip and pin technology on credit cards will replace magnetic strips for POS systems, but methods of reading credit card chips on-line will be developed.
- In the future, focus will be on exchange of value rather than exchange of money. Decentralized currency transfer systems like Bitcoin may become more pre-eminent as security worries are ironed out.
- Recently, a Finnish company called Uniqul was granted a patent for a facial recognition system for making payments without credits, phone or wallet.
- Another system called Simplate combines facial recognition with real-time data about mood, weather and other factors to uniquely identify yourself. Simplate uses a contact-less Visa Pay Wave or MasterCard Day Pass system.
- Secret Handshake is another experimental device that uses hand gestures and finger motions to authorize sales.
- Wearable digital systems may soon be incorporated into payment systems. A Sesame Ring is under development by students at MIT. Smart watches and contact-less bands may soon find their way into payment methodologies.
The software is designed to take payments from any digital or manual system and record the payment into QuickBooks accounting or QuickBooks online for accurate accounting. Please contact us to see how we can help you streamline your payment system and bring your business to the future.