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Four tech tools to replace your wallet

Cape Town – The future of payments could include an array of new technologies, according to an expert.

Carey van Vlaanderen, chief executive officer of security company Eset, says we should look forward to the wallet being replaced by the smartphone and other technologies.

Here are Van Vlaanderen’s top four future payments technologies, some of which are already making their appearance.

Biometrics
 
“We can already use our fingerprints to pay in app stores, so why not at the checkouts of regular stores too? Biometric payments are actually a lot closer than you might think, successfully trialled in Norway last year by Mastercard in cooperation with Norwegian tech company Zwipe,” Van Vlaanderen said.

Biometrics systems are also employed in the Apple iPhone, Samsung Galaxy S, Huawei Mate and Sony Xperia Z5 as mobile manufacturers look to exploit an anticipated shift toward mobile shopping.

Capitec Bank recently announced a partnership with the department of home affairs to limit ID theft attacks on bank customers.

Some firms are also experimenting with heartbeat, facial and iris recognition biometrics technology as payment methods.

Watches, wristbands, rings

“Wearables have been touted as a future payment method for years, but in 2015 we finally began to take them seriously. Credit for that should probably go to Apple for designing a smart watch that people were excited about wearing on their wrist, and – paired with Apple Pay – a function that is genuinely useful,” said Van Vlaanderen.

Google has also been pushing mobile payments with Android Pay as the internet search giant announced a global roll-out on Thursday.

The system will work with NFC enabled smartphones but will likely depend on banking support for its success.

Apple on Wednesday focused its iOS9 operating system in the iPhone, iPad and Watch with additional tools to support its Apple Pay platform.

South Africans are also using SnapScan to make instant mobile payments at merchants who support it.

A 'secret handshake'

“Back in 2013, ad company 22Squared tried to integrate the code of the playground into our payments. The idea, Secret Handshake, is the combination of a leap motion controller and a point-of-sale API that allows the consumer to pay with gestures,” said Van Vlaanderen about the technology.

However, she warned that it may actually increase your security risk

“That gesture would be unique to you, so, theoretically, you can make it as convoluted as you like - although we wouldn't recommend it.”

Internet of Things

As more traditional appliances become connected to the internet, companies will produce tools to ease the process of payments.

“Earlier this year Amazon introduced its new Dash buttons, which stick to your furniture and allow you to purchase particular products at the push of a button. Attach a Dash button for washing powder to your washing machine, for example, and the next time you're running low you can just push it to order,” said Van Vlaanderen.

Companies such as Panasonic and Samsung demonstrated intelligent appliances at the IFA gadget show in Berlin that have native internet connectivity.

Van Vlaanderen said that payments will ultimately evolve into a seamless process but users will have to exercise caution – and a sharp eye - over their accounts.

“At this point payments don't even feel like a transaction at all. Conveniently – and perhaps dangerously – they're built into our routines, chores and even hobbies.”


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