5 Future Payment Technologies You Need To Keep An Eye On
1. Award-Winning TruTap Mobile App Getting A New ‘2.0’ Facelift
Quick, convenient and secure, the all-new TruTap 2.0 mobile app puts your account at your fingertips. Access your account on the go and manage your money and rewards with a tap, in a snap.
Check your available card balance quickly and easily from anywhere, in real-time, and make secure payments lightning fast using the latest cloud technology. Earn points, send/transfer funds instantaneously, and pay for purchases with balance availability and transaction history in the palm of your hand. Reload your prepaid card while on the go conveniently and securely. Manage your account on the go and protect your privacy/account details with the ability to instantly suspend/freeze your card if lost or stolen.
2. Reloadable Cards
In 2016, 95 percent of consumers said they were satisfied with reloadable prepaid cards, up 22 points from 2015. Open-loop reloadable prepaid cards are the fastest-growing form of electronic payment, with more than 50 percent of people buying a prepaid card for personal use in 2015, compared to 19 percent in 2008. In 2003, prepaid cards accounted for 800 million transactions worth $20 billion. In 2012, those numbers rose to 9.2 billion and $220 billion, respectively.
3. Visa’s new contactless payment card is a pair of sunglasses
“Visa is starting a new pilot program of contactless payment-enabled sunglasses. The glasses appear to be a regular pair of shades — with the addition of a small contactless card that allows the sunglasses to work as a contactless payment method. The Visa sunglasses will serve as a preloaded contactless payment card.”
4. Visa, Honda Test-Drive In-Car Transactions
“Honda and Visa are testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars. According to Honda, drivers are notified that they can pay for fuel or parking when they are near a smart parking meter or fuel pump. Depending on the services, the purchase amount is displayed in the dashboard and drivers confirm payment with the touch of a button, paying via previously stored payment information. For parking, drivers can set the time they’ll need from the dashboard display; those consumers then can add time via their smartphones when away from their vehicles. Honda said it’s talking with “a number of other companies that will continue to help ease the various innovative payment processes of other car-based transactions.””
5. Samsung’s Newest Payments Push Aims to Bring Contactless to the Masses
“Hoping to bring “digital cash to everyone,” Samsung has introduced a chip platform that can enable contactless payments in watches, wristbands, key fobs and perhaps even clothing. The “Contactless Companion Platform,” or CCP, also involves fintech firm Smartlink and terminal vendor Ingenico, both based in Europe, and could lead to more wearable payment options for consumers and broaden the appeal of contactless transactions.
Samsung said the CCP program could bring contactless payments to unbanked consumers and those who lack that technology through devices such as smartphones and smartwatches. Consumers using CCP technology would link their chipped devices with their payment cards or bank accounts. Consumers then could manage those chips via smartphone apps, transferring money, limiting spending amounts and even putting a time window on potential transactions.”
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