SOME PAYMENT METHODS THAT WILL REPLACE CREDIT AND DEBIT CARDS
The world is always changing and alot of things are also subjected to changes.life is changing and advancing both scientifically and technologically.as a result of the changes that is always occuring, technology has tried to improved life in various ways so as to make life easier for everyone.technology has helped in all aspect of life, the banking world is not exempted as it has also has it fair share of business improved technologically. The banking system has been very vital to the world as it help in carrying out and payment processes. one important instrument majorly used in the bank which is very common to everyone is the credit card and debit card.this are majorly the two most use system in carrying out transaction in various banks around the world.but despite their usage and their application in the banking sectors, more effective and efficient has designed to carry out transaction.so there is a very high tendency that very soon the credit and the debit card system will not longer be in use.so let quickly take at some of the payment system that has the capability in replacing the credit and debit card system.
BIOMETRIC PAYMENT.
This method is not really new to the world but it is not yet wide spread.the biometric method of payment has some advantages over debit and credit card system.the biometric method is more protecting interns of security than the debit and credit card.unlike debit and credit card where you information can easily be stolen.it actually involves the use of fingerprint linked to your bank account but instead of moving about with either your credit or debit card all you need to do is to insert your finger on the scanner and the machine is able to recognize and detect your finger print therefore enabling you to carry out your payment processes.i have used it on several occasions and it was very effective.so with this development the idea of credit and debit will not longer be needed as time goes on.
VOICE RECOGNITION
I am very sure not everyone is really conversant with the use of voice recognition method in carrying out payment process. it works by using some specific alogrithm.this works on phone and the technology involves recording voice in different segment and analysing them.this system can really work in liue of cards.in this process all you need is your voice in Carrying out you payment or transaction process but one disadvantage about voice recognition is that someone else could imitate your voice and use it against the bank owners authority.this method is gradually finding it's way in replacing the card system .
WEARABLE PAYMENT ACCESSORIES.
This is a very smart and convinient system in carrying out payment and very sure that alot of people have use,seen and very familiar with smart watches, technological companies such as apple,Samsung and so many more make smart watches that can be used in payment process without the use of card.the technology is similar to phone but the difference is that it smaller and more compactible than the phone.the use of this watches are now becoming very rampant and they have some advantages as they can help you track your steps,enables you to make calls from the comfort of your zone and at the same carrying transaction and payment processes .slowly this method is gradually displacing cards from it's usage.
SMARTPHONE WALLET
SMARTPHONE wallet is now becoming very rampant,for any one to be able to use digital wallet ,you will need to download the app as most digital wallet comes in the form app.app such as paypal Goole cash,square cash are some of the applications use in Carrying out payment processes digitally the principle on which the digital wallet operated is that your bank account is been linked to the app therefore enabling you to carry out your payment processes.this is a very great and effective method that is taking over the use of card gradually.
