The models of payment have undergone an immense shift from tougher system to cryptocurrencies right from the very beginning. Money is now digitally as well as physically accessible in the modern age. Here are the best developments in e-wallet technology in 2020.
The digital popularity has played a leading role in electronic money transactions and made payment experience easy.
Over the last five years a new payment method has developed, called mobile payments or e-wallets, in the digital payment industry. And because of its easy access and convenience, payment by e-wallet has become the most common form of payment among everyone.
The financial transaction tool for identification will be the emergence of biometric authentication in 2020. Based on the customer’s biological and structural features, it includes fingerprint recognition and facial recognition.
The explanation for the increase in the case of identity theft and fraud is why biometric authentication will be common in the near future. As a secure and effective solution for mobile payments, biometric authentication comes. As biometric protection requires the unique features of a person, it helps to tackle challenges such as consumer confidence with e-wallets.
Different Types of Biometric authentication
Here we will give you a basic understanding of the forms and uses of biometric authentication methods.
Fingerprint scanning is one of the most widely used methods of biometrical authentication. As most mobile devices now come with fingerprint scanners this technology is highly reliable. While fingerprint sensing it is cheap and a effectvie biometric authentication option.
The technology for facial recognition is focused on the calculation and comparison of the faces of the person. Faceprints are the varying dimensions of your face and the device offers the user access if a number of faceprints are matched. Many high-end mobile devices have a facial recognition capability and may integrate these features for users.
The technology for voice recognition tests the voice profile of the speaker by combining a number of data points and comparing it with the database which is stored for access.
The technology is often used to create motions of the throat and the mouth of a speaker. This technique prevents errors in validation by imitating the change in the speech or speech due to illness.
Payment with Smart Speaker
Intelligent home assistant is the latest development on the speaker market and the e-wallet sector has begun more number of benefits. It actually successfully launched the first intelligent speaker Alexa in 2014 as Amazon progressed.
A study from Statista shows that 82% of the mobile assistant users used voice commands to scan for details in November 2017. In comparison, 35% of consumers have used the assistant to buy clothes, home care, etc.
In addition, 28% of users pay or submit money via smart speaker assistants. The report states.
Another business insider research estimates a increase in the amount of payments made by smart speakers.
The number of Crypto-currency wallet users has risen over the course of time amid the ups and downs on the market. To date (early 2020), there are more than 40 million Crypto-currency e-wallets available.
However, it is said that it is a simple way to start buying Cryptocurrencies using e-wallets. It is clear that to store the digital currency you purchased would need a digital wallet. Starters need e-wallets to save their digital cash quickly to use and to understand.
Payments from NFC
The highest spike in NFC payments is being seen in the UK. Busses and tubing stations that accept payments through NFC will be available. For almost all of its public transports, China still uses NFC technology.
Samsung Pay, Apple Pay and Google Pay are e-wallets which already use this technology. Payment by NFC works, NFC enables NFC telephones with near proximity radio frequency identification to payment gateway via NFC card machines. It provides a safe and non-contact payment option.
NFC gains authentication by PIN, by instantly transferring encrypted data to POS computers. The UK finance forecasts that NFC-driven contactless payments will rise by 36 percent of all payments in the future and cross 36 percent in 2027.
Artificial Intelligence (AI) has changed dramatically over the last five years. Customer facing AI-powered chatbots are the latest future application of AI for an e-wallet ecosystem. In order to answer customers questions, including payments, e-commerce companies implement these intelligent chatbots.
Artificial intelligence technology is sufficiently mature to automate the payment process through prior customer approval. Some e-wallet developers have already begun testing mobile payment automatics with AI.
Digital Wallets boosting International Remittance
Global remission is a large part of the GDP in many countries across the globe. The international payment is the transfer of money to the family residing in the native country by a person employed in foreign lands.
With the help of e-wallet services, people can move money without trouble to their families. The days are gone where people have to go to the bank to complete a international transfer form. Technology has taken people together.