How many times have you needed to split a bill or pay back a friend but didn’t have cash? For me, it’s a regular occurrence. Just a few weeks ago, I joined six of my friends for the Game of Thrones Season 8 premiere. We ordered a few pizzas, drinks and snacks on Uber Eats and watched eagerly as (SPOILER!) Jon Snow learned he’s actually a Targaryen. When it came time to pay for my share of the order, I pulled out my phone -- not my wallet. I Venmo’d my friend $20 (description: 🍕🧟⚔).
Biometrics today, such as fingerprint readers and facial recognition, are making the payment experience more secure and seamless for consumers. Biometrics have been widely used in other industries including law enforcement, healthcare and voter registration for several years. In the past, authenticating a person came only in the form of either something you have (a key, a badge) or something you know (a PIN, a password). A password is more difficult to steal than a physical object, but it can still be done. Biometrics today also verify identity based on characteristics unique to the person which cannot be stolen or replicated (for the most part).
With the advent of credit cards in the early 1900s, consumers all around the world have been experiencing cashless payments. What started with these plastic cards, has now evolved into contactless and peer-to-peer (P2P) payments providing additional convenience for consumers today.
Have you ever wondered what it might be like to live in a world without cash? In many parts of the world, this idea of the cashless society is already taking off. Sweden is moving the fastest: only 1 in 10 citizens reported paying for something with cash last year.
The continued growth of cities worldwide brings fresh challenges, from spiraling urban populations to increased levels of congestion and pollution. As our cities swell, the role of public and mass transport in managing the movement of these people quickly comes into sharp focus. In our choked cities, the car is no longer king and planners are instead focusing on how to make mass urban transit simple, seamless and appealing to all.
