It’s crazy how much technology is changing day by day and with that change comes the payment evolution. At first, it was paying by cash, then along came the check, then phone, then text to pay, you name it! So what are the latest trends when it comes to payments? Find out below.
The Evolution Of Payments
Find out the latest payments trends to hit the market today.
Paying Bills Through Mobile
I hope I’m not alone here but… I have been known to forget to pay a bill from time to time only to remember it once I no longer am in front of my computer! Paying by mobile has become more and more popular amongst Americans when it comes to banking. In fact, over 50% of us reported using our mobile phones to make payments. With this new technology, banks can expand the number of services they offer on a mobile device such as transferring cash, converting currencies and even depositing checks! Apps are everything today, and we’re getting to a point where pretty much any service can be provided through an application. As smartphone technology advances, banks will be able to offer a more sophisticated, value-added service that empower their customers. No excuses anymore!
AI Can Now Handle Routine Transactions
As we say at IVR Tech Group, customer experience is everything, and everything is customer experience. Today that customer experience is becoming more and more automated through things such as artificial intelligence (AI). As we go on, AI has steadily become more advanced when it comes to customer interactions. A typical example of this technology is “chatbots.” Before AI, a typical transaction would have to take place with the assistance of a human through a call center, but with AI, a customer can approve a transaction with minimal effort. Chatbots provide basic information through simple commands and can also handle voice instructions.
Biometrics Adds Another Security Layer
Although it has been around for decades, biometric authentication has become an even more common product within the past few years. Thanks to the introduction of fingerprint scanners and facial recognition, biometric recognition is on its way to becoming a standard feature in consumer products. Biometric technology takes security to another level when it comes to processing payments. Once installed, there’s no need for a password, a payment can be processed via a fingerprint or in some cases, just a glance!
Text To Pay
IVR Technology Group’s Compass Pay Suite adds a spin on mobile payments making it even easier to make a payment via text. With mobile payments gaining traction, paying via text gets even more exciting. We can help a merchant send outbound text notifications for “payment due” or “late payment” and a consumer can opt to reply and pay from that text! Now that’s fast.
Secure Your Data And Get With The Trends!
The biggest reason most companies choose to offer a pay by phone method is PCI compliance and securing card data. They do not want employees or call center agents taking credit card information and putting the data and the company at risk. Taking payments over the phone in our PCI DSS Level 1 environment ensures the privacy and security of every caller while getting merchants their funds immediately.
Compass Payments Suite
Learn more about our Pay By Phone solution, the Compass Payments Suite.