With the increasing demand for digitalization, different methods of payment get introduced now. With the announcement of demonetization of the currency of Rs. 500 and Rs.1000 on November 8, 2016, in India; the concept of being digitalized has risen fast.
At the time of demonetization about 86% of the currency of the Indian market which was circulating in the form of notes of Rs. 500 and Rs.1000 were immediately submitted to the banks. It created a situation of uncertain emergency and hence led to the initiation of new alternates of making payments very fast. The problem does not stop here; with the arrival of Rs. 2000 notes in the market the crises of change of smaller notes are being also arisen.
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New, methods of payments came into existence or boost up in case of such emergency. After a long 1 year of demonetization, various future payment technologies have been introduced and get a jack which entirely has changed the concept of making payments. These online payments have now made the concept of shopping and billing much easier and also make a leave to you from carrying money always with you. Here, we are going to provide you best 5 future payment technologies in the market which will help to travel without keeping money in the pocket.
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5 Future Payment Technologies Will be The New Ways for Transaction
It is one of the best, popular and traditional payment technologies in the market which has covered most of the financial market today. With the arrival of the MasterCard which embedded with payment card with a screen which will enable you to show the advertisement of your favorite products with great ease. A different biometric system based on payment cards has been now introduced which have allowed the payments very easy. Now, just do your desired shopping, pay bills and much more and make payments with your smart cards. Payment cards are inevitably going to be in the market for paying bills for next 5 years or more.
Mobile wallets are other best and most popular payment technologies in the market. During the time of demonetization different mobile wallets were also in existence but due to the reason for negligence, this payment method was not in high demand. With the arisen of crises of money during demonetization it got a jack and became one of the favorite ways in Payment Technologies. These mobile wallets have now become one of the increasing demands which make you free from carrying your payment card every time you need to go outside.
The best advantage of mobile wallets is the security it provides to the users. You need to do log into your account from your mobile and make the payments into the account you wanted to have. Another advantage of the digital wallet is the instant payment; just add money to your wallet and make payments with the help of just a single click. This is the only reason various online service companies are now in competition for providing integrated wallet within their apps so that to ensure fast payment access.
Cryptocurrency is another best payment technology which doesn’t need to pay the third party payment to pay on. If you are confused with the term Cryptocurrency; then we explain it here for you. It is just like Bitcoin which you can efficiently use anywhere in the world’s market for exchanging goods. The best part of the Cryptocurrency is that it provides you an anonymous way of making payments during transactions. The only thing you need to have a public and a private key to send or receive different kinds of currencies. As we already have mentioned above the fact that it does not require any third party transaction and hence you don’t need to pay any additional charges for anyone. Another best thing about Cryptocurrency is that it includes Blockchain transactions and therefore gets impossible to hack due to the reason of the presence of billions of equations during each transaction.
It is one of the best payment technologies which includes a digital wallet where you do not need to carry even your mobile phone along with yours. It includes a contactless payment which makes you free from being standing in queues for a long time for making payments. For such payment, you need to add only your phone number associated with your account and give a smile on a large screen. That’s all.
Voice command payments:
It is another one of the best payment technologies for future which surely will change the concept of making payments up to a great extent. All you need to have is to assist your command with your voice personally, and that’s all.
The above-mentioned payment technologies have a good potential of changing the concept of making payments entirely. Everyone in this world wanted to make secure payments without standing in queues for a long time. The payment technologies we have provided above are one of the best, popular, secure and advanced one which will make people move to online payments thoroughly.