Top Tech: elegant means of payment in 2022
It is undeniable that cashless payments are set to take the lead by 2025.
In a report by financial technology leader FIS, digital wallets are the fastest growing payment method and are on track to replace credit cards as the primary payment method in Australia. The report also indicates that buy it now, pay later (BNPL) is expected to grow by 3% over the next three years.
This trend reflects a number of changes currently taking place in the world.
the pandemic, for its part, has had a colossal impact on the way we interact and pay for things. COVID-19 has been a catalyst to eradicate cash for basic hygiene reasons.
Technological advances means opting for convenience is now easier than ever. Why carry an entire wallet on your night out, when you could just have access to all your credit and debit cards at the touch of an app?
Integrated financing is slowly revolutionizing financial institutions and everyday consumer transactions. Integrated finance is the term that describes the financial services option used by a non-financial provider. Whether it’s buying a public transport ticket or tonight’s dinner, integrated finance works seamlessly in the background of consumers’ daily transactions.
With that in mind, we take a look at some of the best and sleekest ways to pay; cross out physical silver.
Apple Watch Series 7
Sleek, subtle, and effortless, tap and pay for anything with Apple Watch Series 7. Double-click the home button, scroll to choose a card, and hold your Apple Watch to the card reader.
After a light tap and beep, you will know that your payment has been made. A notification will be processed when the transaction has been confirmed.
Apple Watch 7 has its most advanced display yet with a Retina Always-On Display.
Not only offering amazing tracking features for your health and fitness goals, Fitbit also lets you add your credit or debit cards to the Fitbit app. You also have the option of loading multiple cards onto the wallet.
Fitbit Pay works in conjunction with Fitbit Charge 4, Fitbit Charge 5, Fitbit Iconic, Fitbit Sense, and Fitbit Versa 2 to name a few. The watch can be used with all participating transit readers that accept contactless credit or debit card payments.
Plus, when you make a purchase with Fitbit Pay, they earn points or rewards on your credit or debit card.
Purewrist is a sleek, contactless mini card in a wristband. The Purewrist bracelet is waterproof, so there is no need to remove the bracelet to wash your hands, swim or shower.
Purewrist payments are accepted wherever Mastercard debit cards can be used. It’s marketed as easier and faster and doesn’t even need to be charged or use batteries.
Additionally, PurewristGO gives people the ability to control the number of funds accessible in the watch, perfect for the young teenager who wants their first debit card.
Can you do more practical and subtle than paying with a ring? A simple wave of the hand can complete a tap and go payment. The Kerv Pay Ring is one of the world’s first contactless pay rings and is just the start of the next generation of wearable technology.
The ring uses technology similar to debit card transactions, to ensure security is as reliable as a typical debit or master card.
Contactless payment rings mean comfort and style aren’t sacrificed for convenience.
The original form of contactless payment, Google Pay is an in-app payment option. Android Pay uses Near Field Communication (NFC) to complete a transaction between the smartphone and the card reader.
Google Pay can also be used to receive payments, split bills, or send money to another user.
It is developed with encryption and multiple layers of security to protect the user’s account. For example, when paying for an item in-store, the app uses an encrypted number rather than the user’s specific card number, so no personal data is leaked.
If you also want to incorporate the digital revolution into your fitness journey, check out the best fitness training technology.