3 technologies that will change the online payment trends in the Middle East
Cash-less payments have been a common practice when it comes to executing online transactions. With security standards improving and payment gateways providing sufficient amounts of that security to shield consumers and business owners from illicit online activities, here are three upcoming technologies that will innovate the way online transactions are conducted in the Middle East and the remaining parts of the globe.
1. NFC payment
Originally, a near field communications chip’s core function is to provide users with a file sharing option that will be initiated once two devices that are compatible with each other and possess NFC chips will be paired with one another to provide that file transfer feature. In addition, NFC can also be used to support a wide array of gestures in a smartphone. However, Apple has taken the NFC feature to a whole new level by incorporating an online payment feature to it. The only drawback is that users are going to have to purchase the iPhone 6 models in order to take advantage of the feature and besides that, they cannot use the NFC feature for anything else apart from making payments. Nonetheless, in terms of security, NFC provides more protection compared to making online payments through a Bluetooth or Wi-Fi connection. That will grant the user combined levels of security coming from payment gateways and the security provided by the NFC chip.
2. Fingerprint scanner
Most security checkpoints feature fingerprint scanners that authorize entry to personnel who have been granted clearance to enter that location. Similarly, the same feature has made its way to mobile devices. While there is still significant amounts of room left to improve the overall features of the fingerprint scanner, one of the core features of having a fingerprint scanner present in mobile devices is that they store user’s credit and debit card details when they want to perform an online transaction. When performing the transactions, users will not be required to perform the tedious task of entering their card details when all they have to do is swipe their fingers, making a transaction successful. While this method is considered to be less time consuming, additional security implementations will have to be assimilated to the scanner in order to make it fool proof.
3. Multi-purpose cards
Previously, card holders would have to acquire a ridiculously large wallet or bag in order to accommodate multiple cards. This will most definitely turn out to be a cumbersome experience especially when the consumer is not performing the transaction from the comfort of their own homes. Now, multi-purpose cards such as Plastc will not require users to carry multiple cards as these cards have the capability to store up to 20 card details, ranging from functioning as a credit card, identification and security card, all the way to transforming in to a gift voucher. That’s not all, the card also possesses a NFC and RFID chip which will be activated once the company rolls out a firmware update for the card. Since the card provides the user to change its details while on the move, it presents a reduction in security risk and combined with the security provided by payment gateways, you got yourself a pretty handy gadget.
Middle Eastern regions happen to be one of those locations where e-commerce and online activity is occurring at the highest frequency. Since financial innovation continues to improve how online transactions will be executed, the aforementioned technologies will make life simpler for residents in those regions.