Jeff Turcotte Payments And Currency Res
Payments and Currency: What does the future hold?
Jeff Turcotte,
Fitchburg State University, Fitchburg MA
Jturcot1@student.fitchburgstate.edu
Abstract
More than 15% of Starbucks’ US revenue is processed through its mobile payment app, and with the release of Apple Pay in October 2014, and Google Wallet, which was launched back in 2011, payment methods are changing rapidly. Using near field communication (NFC) enabled devises, such as smart phones, fobs, bracelets, watches and other wearable’s is replacing the traditional debit/credit card payment systems, not to mention replacing cash almost all together.
Coupled with the emergence of new ways to pay, the concept of what a currency can be is changing as well. With digitization, value can be stored in anything from crytocurrencies such as bitcoin, to loyalty points, as in the case of Starbucks. Some merchants have even created their own currencies, like Amazon with its Coins.
Are alternative payment and currency systems, such as trust and social currency viable in the future of global payments? Never in the history of the payments industry has there been a time of such disruption and opportunity across regions. Digital technologies will upset the competitive order and the role that payments play in both the operations of businesses and in the daily lives of consumers. (Global Payments, September 2014)
Biometric Payment Systems
Businesses are starting to adopt systems that authenticate and identify consumers based on behavioral or physical characteristics such as: iris scans, digital fingerprints, voice prints, facial maps, etc. Fingerprint recognition is the most widely used biometric system to date, and is now embraced by Apple as part of their mobile payment system.
Eximbank located in Vietnam has begun to enable ATM transactions and over the counter payments by the touch of a finger early in 2014, and the bank plans to extend the system to other point of sale networks. The interbank network,
Jeff Turcotte,
Fitchburg State University, Fitchburg MA
Jturcot1@student.fitchburgstate.edu
Abstract
More than 15% of Starbucks’ US revenue is processed through its mobile payment app, and with the release of Apple Pay in October 2014, and Google Wallet, which was launched back in 2011, payment methods are changing rapidly. Using near field communication (NFC) enabled devises, such as smart phones, fobs, bracelets, watches and other wearable’s is replacing the traditional debit/credit card payment systems, not to mention replacing cash almost all together.
Coupled with the emergence of new ways to pay, the concept of what a currency can be is changing as well. With digitization, value can be stored in anything from crytocurrencies such as bitcoin, to loyalty points, as in the case of Starbucks. Some merchants have even created their own currencies, like Amazon with its Coins.
Are alternative payment and currency systems, such as trust and social currency viable in the future of global payments? Never in the history of the payments industry has there been a time of such disruption and opportunity across regions. Digital technologies will upset the competitive order and the role that payments play in both the operations of businesses and in the daily lives of consumers. (Global Payments, September 2014)
Biometric Payment Systems
Businesses are starting to adopt systems that authenticate and identify consumers based on behavioral or physical characteristics such as: iris scans, digital fingerprints, voice prints, facial maps, etc. Fingerprint recognition is the most widely used biometric system to date, and is now embraced by Apple as part of their mobile payment system.
Eximbank located in Vietnam has begun to enable ATM transactions and over the counter payments by the touch of a finger early in 2014, and the bank plans to extend the system to other point of sale networks. The interbank network,