The trends in the world of payments do not stop changing, but some of them are here to stay. In the midst of the digital transformation of the purchasing process, invisible or seamless payments are becoming popular among society and are becoming the favorite payment method.
LThe pandemic accelerated this penetration of contactless payments, both for the convenience they offer and for their security. This revolution seeks minimize the steps to make the purchaseeliminating the need to carry cash or cards and go to the checkout, in addition to avoiding long waits or complications with the issuance of the ticket.
Spain is at the forefront in this modality in Europe. It is only surpassed by the United Kingdom, an option chosen by almost 9 out of 10 Spaniards to make their payments at physical point of sale terminals. Also, Spain is also the country that has experienced the greatest growth in the use of contactless cards on the continent. Specifically, 10% compared to 2020.
doQWhat are payments invisibthem?
systems invisible payments are those transactions that take place without having to pay by physical means, such as cards or cash. They are activated in the background, automatically and without the intervention of the client. The best example of invisible payment is Uber or Cabify. All you have to do is download the app, register and log in. Once the payment details have been saved, there is no need to re-enter it.
This invisible approach to payment is intended to improve the ease and timeliness of operations, thus streamlining the process.
vcontactless payment advantages
It is expected that invisible payments reach 78,000 million dollars this year in annual transactions, according to the report Future Retail Technologies in Store: Adoption, Implementation and Strategy. This trend points to a future where consumers will interact less at checkout and make explicit payment decisions. When incorporating in an e-commerce the forms of paymentit must be taken into account that it is one of the main reasons why customers abandon the shopping cart. This happens because users sometimes have to access an external website to complete the purchase. In this context, invisible payments have become an ideal option for consumers.
Among the advantages is the convenience of the client, since it reduces the amount of elements that a client has to carry when making a payment. Thus, it offers greater flexibility, being able to make the payment if we leave our wallet or mobile phone at home.
In terms of security, they do not involve the use of physical credit or debit cards, eliminating the option of theft or risk of loss. Many of the invisible payment methods use biometric data to confirm payments. These biometric authenticators, such as facial scans or voice recognition, are not easy to falsify, offering extra confidence and payment security. In other words, they run processes in a secure environment without affecting user data.
Types of invisible payments
Although the first thing you think of when making an invisible payment is the fingerprint, there are many types of invisible payments.
blockchain technology
This technology came from the hand of Bitcoin. It is an accounting technology that uses algorithms to record transactions securely and anonymously. Companies like Amazon have incorporated it into their payment methods. The startup Moonpay allows the use of certain digital assets to perform check-out. Another example is AT&T, which has also adopted the use of Bitpay as a means of payment for its customers.
Biometric payments
Biometrics are carried out in payments primarily for authentication purposes. The scanners identify the customer and make the payment for him. With the aim of reducing friction and that the transaction can be validated through facial, fingerprint, voice or retinal scanner recognition. These systems have already been implemented in some payment gateways and allow the purchase process to be made invisible in stores. They stand out for their high-security authentication, which will likely replace mobile or wearable payments.
Virtual reality
The adoption of technology is increasing. Numerous studies are being done to incorporate the virtual reality (VR). It is another of the methods that many companies are adding. One of the companies that is in the process of implementation is Alibaba, although so far it has not become a concrete plan, so the system is being worked on as an alternative to credit cards.
QR codes
The QR code is a good way to facilitate and make the shopping experience quick. According to data from the latest Juniper Research analysis, by 2022 it is expected that 2.4 trillion dollars of payments will have been made via QR code globally. By 2025, they are expected to reach 3,000 billion. This means a growth of 25% in the next three years, boosted by the deployment by retailers of QR codes that incorporate loyalty programs to retain the consumer. This technology gives the option of monitoring consumption behaviors, such as payment time, device or location.
An example of success is Alibaba, a leader in QR code payments, by having it incorporated into its loyalty program, online payment and food delivery service.
Chronos System
When we talk about technology, even the means of transport want to be up to date. Renfe implemented the Cronos system throughout the Cercanías network for direct access and payment at turnstiles using a contactless bank card (contactless). In this way, users will be able to access the train directly by simply bringing the card (physical or on a mobile device) close to the reading point, without having to buy the ticket at the ticket office or in the self-service machines. It is available for single tickets and supports contactless EMV cards, both credit and debit, and through mobile phones, with NFC and virtualized card.
The objective is to reduce waiting times, avoid queues to obtain the ticket, while becoming a more sustainable and environmentally friendly system, thanks to the saving of paper that does not generate the corresponding transport ticket. This initiative is a commitment by Renfe within a broader strategy of transforming billing offered by the company. With this first step they want to adapt in a more personal way and adapted to the real needs of customers and users.
