Payments Innovation – where will it go from here?

Payments Innovation – where will it go from here?

Working for PayX places me firmly within the payments industry, but as someone who works in digital marketing I don’t personally possess a great knowledge of the actual workings behind payments technology. But thanks to all the recent innovation – I don’t need to! As a member of the general public I too watch with interest the constant fast paced and disruptive innovation within the payments industry and how that affects my everyday life with banking and payments.

It was only a short period of time between the introduction of chip and pin cards in 2004 to the release of contactless cards in 2007. Some regions are still yet to fully embrace the chip card way of life and contactless cards aren’t getting quite the usage initially expected. This article in The Guardian looks at how some banks are not racing to make the technology widely available and some people seem to be wary of contactless and the risks associated with it. Alongside the advances in cards we also have a steady stream of new releases in Mobile Payments. Innovations like Barclays Pingit and Jack Dorsey’s Square have changed the way many people do business. There is fierce drive in the payments industry to provide the latest technology for consumers who demand increasingly simple and fast ways to part with their cash.

I have to wonder though, where will all these innovations lead to? What will be the ultimate payment system, the one that will become the standard norm in years to some? Where really can we go from here? Maybe a chip implanted directly into the brain so we can ‘think payments’?!

I would love to hear some ideas and thoughts from those of you out there who do possess a technical payments mind or if like me you just find yourself interested in the fast moving changes that are happening today. Maybe you’d like to submit your own blog on this or another topic? If so contact us and let us know your ideas.

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