Future of Payments ...at your fingertips?

In a recently conducted informal research at Glenbrook on payment preferences, the findings were quite unexpected........The most popular option followed by cash was fingerprint, then contactless. Mobile based payments seemed rather distant

This does pose an interesting perspective and question....where lies the future of retail payments?

In an earlier post, I had highlighted the opportunity presented by biometrics in enhancing security and ease of transactions. In discussions I've had with industry professionals, this has largely met with a "not sure" response. Would the storage of biometric information by banks and financial institutions be considered an extreme intrusion of the customer's privacy, and would urban customers accept this? ...Your views?

Loyalty & Payments Redefined

Imagine walking into a shopping mall on a bright Sunday afternoon, checking out the latest personalized offers available at your favourite stores, buying clothes and leveraging your gold loyalty membership, indulging in a beer and a sumptuous Thai lunch at your happy hours hangout, and ending the day with a new movie at the multiplex. Quite a pleasant afternoon. Now imagine this without your wallet. No cash in hand, none of your eight debit and credit cards or 15 loyalty cards.

Sounds rather futuristic? Not exactly. There is a mini revolution of sorts under way in North America (which I’m hoping will spread and come to the rescue of forgetful souls such as myself) that leverages the power of biometrics in making the above a reality.

Managing a large loyalty programme over the customer life cycle is a huge challenge for big retailers.

Paybytouch which enables customers to register themselves with their fingerprint and link their payment (credit and debit) cards and loyalty cards. On having completed their shopping, registered customers can simply authenticate themselves at the cash register using their fingerprint, select the payment mode of their choice and complete their purchase.

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