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Payments in the Digital Future (Technical Insights)

  • March 2014
  • 66 pages
  • Frost & Sullivan
Report ID: 2075001

Summary

Table of Contents

The recent advancements in information and communication technology space have facilitated financial transactions to be done digitally. The digital payment solutions deliver convenient, fast, and secure payments by ruling out the complexity, risk, and processing time of manual payments that use payment instruments, such as, cash, and cheque. This research service focuses on various technology approaches, innovations, and convergences with futuristic technologies toward development of digital payment solutions of the future.


Key Findings

The complexity, inconvenience, and lack of security of manual payment processes have led to the development of various digital payment solutions by leveraging leading edge technologies in the information and communication domain. The main focus for the development of digital payment solutions has been on ruling out the limitations of traditional manual payment solutions that use cash and cheque.

Digital payment solutions enable users to adopt a wide range of payment options to carry out secure financial transactions in real time. These solutions have ruled out the limitations of payment processing delay, cost of processing, and human errors, which prevailed in the traditional manual transaction methods.

The innovations in the digital payments space have been made by leveraging combinations of a wide range of technologies, such as, near field communication (NFC), Bluetooth low energy (BLE), facial recognition, and so on. These innovations have been beneficial in a variety of applications, facilitating effortless, cashless, fast, and convenient payments.

The major focus of the innovators developing digital payment solutions has been on delivering security, convenience, and speed. This has driven solution providers to develop touchless payment solutions backed by advanced encryption techniques to ensure optimum security for protecting the financial details of the users. The level of convenience of these solutions has progressed to the extent of enabling fast payments without the need to employ cards or mobile phones.

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