Future Friday: Are Smart Glasses to be the Payment Processors of Tomorrow?
Hands-free payment processing
First used by commuters in Seoul, contactless payments have been around for more than 25 years. When it first arrived, both businesses and consumers feared the security risks.
How easy would it be for thieves to steal from cards that didn’t require passcodes?
This partially explains why it took so long for the technology to go mainstream. Metro passes were one thing - but credit and debit cards?
Fast forward a couple decades, and contactless payments have been a godsend throughout the worst pandemic in a century.
As more of the developed world ups the stakes and pays using their smartphone, we can’t help but wonder: how long until most payments are done with Smart Glasses?
Why hands-free wearable devices could be trusted with your finances:
Instead of rummaging through your pocket or purse for that credit card, simply stare into a QR code and say“pay.” Through speech-recognition, you could trigger payment directly through the display. These scanners could be raised to head height, allowing for seamless payments that move grocery store lines along quickly.
Tough to lose
Your pocket is only reliable to a point. Smart Glasses offer an alternative to reaching for your wallet and phone to ensure they’re still there. Placed on your head, they’d be tough to lose in a grocery store. Not only could they scan packages for health info, there’d be no reason to take them off. This helps explain why they’d be much tougher to lose than your sunglasses.
Getting home to find that you’ve been overcharged is never fun. As you walk through toward a store’s exit, the receipt could be displayed before your eyes. Placed in an unobtrusive spot, you could scan with your eyes to ensure you’re taking home everything you paid for.
Smart Glasses mean smarter consumers
Tomorrow, consumers will step into the hands-free era.
The technology has the potential to simplify nearly every aspect of life.
How long do you think it’ll take before paying no longer involves your hands?
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