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Embracing The Future of Frictionless Digital Payments

If you've ever filled out a form to complete a purchase on a mobile device, you likely realize that the future of payment technologies can't come fast enough - even though designers regularly impress the digital world with ever more creative approaches. 

Viewpost, a B2B-focused network for invoicing, payments and cash management, announced results from a survey on the future of payments and key issues around awareness of payment technologies, as well as perceptions about what consumers believe will be the most popular and useful tools for paying and getting paid in the years to come. 

What stands out the most from the survey is that 80 percent are in support of “futuristic” payments technologies and currencies, including tools like sensor fingerprinting, facial recognition, retinal scanning and voice control, as well as currencies like bitcoin. Let's take a closer look at the results:

+ Sensor Fingerprinting — 50 percent of Americans believe fingerprint technology will be used for authentication to pay and receive payments over the next 10 years

+ Facial Recognition — 35 percent see facial recognition as a key authentication technology for making payments within the next ten years, and 32 percent of Americans trust facial recognition for securing electronic payments

+ Retinal Scanning and Voice Control  — these advanced biometric methods have gained traction in consumers’ consciousness, with some 31 percent citing retinal scanning as a viable technology for authenticating payments and 18 percent seeing themselves using voice control to make payments by 2027

+ Bitcoin  — even previously maligned technologies like bitcoin are seeing acceptance; some 21 percent of consumers see it as a viable currency within the next 10 years.

“People are willing to embrace a more convenient, frictionless payments future,” commented Viewpost CEO Max Eliscu. “Paper invoicing and checks are well on their way out in the consumer setting, and more businesses across the spectrum are beginning to follow suit with transactions among their trading partners. But electronic invoicing and payments are just the beginning — the future of the payments industry is highly dependent on leveraging innovation like biometrics, data integration, and a growing variety of payment methods to securely drive more volume with visibility, speed and simplicity.”
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