Ever since 2017, the industries have undergone rapid shifts in their trends. When it came to changing trends, the payment methods have changed too. They have changed tremendously. Where payments were once done on solid cash, we now have a term called the liquid cash. With the approaching age of internet of things and smart technology, it is being said that payments will be done solely in liquid form.
Such a proposition is still far from being true. However, considering the smart cities and smart homes plans, it might not be as far as we consider it to be.
There were once times when payment methods were limited. There were a few central networks which offered helpful payment methods. Now the times have changed significantly. We now see multiple platforms offering various gateways for payments. Digital payment alternatives seem to be popping up every time. We are constantly seeing the appearance of a new vendor and merchant who offers new payment methods every time. Each one offers payment method which is not the only customer optimized, it also works best within the system. The competition is getting tougher. It is no longer the game of few central payments or even convenient payments. This is rather becoming game of offering unique innovative services in payments which attract customers.
With so much innovation, it is being said that 2018 might be what others say, a pinnacle of new payment methods. Many new methods of artificial intelligence and machine learning have emerged already in 2017. The next year follows their evolution.
Payment Data Streams
What is the difference in the customers before and now?
Well once the customers followed a very linear pattern for purchasing items. As the time passed, the society got more and more modern. Equipped with latest technology and devices, the society evolved into its refined versions. Once, the stores provided nearly same services everywhere.
The times have significantly changed ever since then. The customers no longer follow the linear pattern of purchasing they once did. Therefore, the real value of a store, whether digital or physical, lies in type of services it offers. Generally the customers are searching for customized experience in every purchase they make from markets. Their demands have increased. The customers expect some form of personal experience from retailers and shopkeepers. The digital methods are diversifying. They are coming in various forms, each providing a unique comfort level to the user. It is predicted that users will be adding more data streams to their trades in 2018.
The diversity of data streams and payment methods mean only one thing. The customers will get a unique and personal experience from them. This will not only secure the customer’s loyalty, it will also open new ways for evolution of payment methods.
Customers now need more individualized products than they did ever before. And providing a data stream is just getting them that.
Security Measure – Coupling with Convenient Technology
One of the surprisingly effective factors in customer and merchant relation is convenience. It is almost a surprise that how many deals and trades have been perfected by providing right level of convenience. One of the technologies which are dominating nearly every other field is deeply versed in finding ways for customer’s comfort. This technology is of machine learning and artificial intelligence.
One of biggest example of convenience being the key factor is implementation of biometrics in smart technology. Now every user gets their own personal experience of technology without undergoing the tedious password processes. The users soon got used to this.
The other example is of artificial intelligence. The users and customers trust something which understands them. The technology which is designed to understand the users’ behavior is basically the ultimate demand of new age.
When it comes to data sharing like in internet of things, the security can become great issue. Especially in digital payment methods which are getting integrated with IOT, the privacy and security can become an issue. Therefore, to counter this problem, the modern age technologies are finding ways to cope up with it. New designs in payments and internet of things are being implemented.
Block Chain Implementation
Due to increasing trend of internet of things, the sharing of data online also comes with potential threats to security. Casual homes may subside; the business owners cannot do such thing.
A new technology named as block chain implementation is being utilized in this modern era. The block chain is a method in which the command is secured by one of company owners. The data sharing is strictly checked and becomes a secured process.
Due to this high concept of individualization, the block chain will also become one of key components in modern digital payments. The digital payment structures have come a long way ever since they were first implemented. This is because there were security issues. Along with security, there was also issue of transparency. The customers didn’t get what they wanted always. If transparency was increased, potential threats lay waiting to seize their moments of opportunity.
With block chain implementation, the fraudulent activities are decreasing to the point of non-existent. Other than this, the transparency issues are also gone now.
Intermix of Varying Technologies
The success never depends on the implementation of just one type of system. Every system has its potential vulnerable points which are easily misused. What can be the solution to this? This is because with everything seeming to rely on machine learning, the potential threats may still be faced.
The real answer to such question is that there will always be a mix of technologies which will be implemented. The technologies intermix defends the system against all kinds of threats be it digital payments or different businesses. Where one technology lacks, the other system of technology makes up for it.