Invisible payments in the mainstream
Some consider invisible payments as a way to pay that takes cash, debit and credit cards, wearables, PINs and card readers out of the equation, allowing you to pay via a virtual wallet. Others consider them a way of paying that doesn’t require a card number. Whatever they are, certain technology companies (one in particular) are investing heavily in developing their invisible offering, but will these ever make it to the mainstream?
While invisible payments are in there infancy and being trialled in such niche controlled environments, it is quite honestly impossible to say. There have been some early successes with pilot initiatives for car parking, company cafeterias and a shop or two; however there are some significant hurdles – the two most obvious being cost and security. The cost of replacing existing systems falls directly on the companies rolling out these projects, and the fear of identity theft, false positives and other security related concerns falling on the consumer. With this in mind, invisible payments look destined to stay confined to niche markets for the near future, but it’s certainly an interesting space to watch.