Payments are an important part of a business. No matter which industry you look at, the foundation of exchange in goods and services is payments. As simple as that, if you want to buy something you have to pay a certain amount of money from your pocket. Once you do so, you are free to walk away with your product or service.
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Evolving Payments
Payments are in fact done in various ways. And we have come a long way since our very first payment system came into existence. Needless to mention, we no longer use the barter system where payments had to be made using some good or service that the other person needed, in return for something you want. It would mean narrowing down your probabilities to a person who wants the exact same things you have to sell and is willing to provide what you want.
Since the hassles of this payment method were obvious, we came up with alternatives to ease this process. In other words, we invented money as a standard asset to purchasing anything we want. This existed in the form of gold coins, monetary notes, standard metal coins, and more.
A More Sensible and Standard Approach
However, this isn’t where the story ends. Payments evolved more. What if you had to purchase something that was very costly and required a bag full of currency notes? Alternatively, what if you didn’t feel like carrying all the cash around? There had to be another system in place where you could pay easily without getting into the hassle of carrying money and worrying constantly about being robbed.
This is when the electronic cards came into existence. This is a long evolution process that only breathed life with the existence of the Internet. In other words, when the Internet became popular and businesses started having a physical presence, companies started seeing this as an option to develop the form of currency. This also happened with the advancement in technology, which made coding all the information possible in a small card.
Technology and Payments
Today we have more than a few cards, brought in the market, and managed by different service providers. No matter which bank or financial agency you look at, everyone is giving away business cards to their customers. And customers are loving it to have them. This is because they don’t have to physically take care of all the money they would be otherwise carrying.
With an electronic card in place, transactions are sorted out. However, there are a few companies that are reinventing cards and helping financial institutions leverage new technology in terms of payments. In other words, companies like Mastercard are bringing new technology to up the payment game for customers and financial institutions.
Payments in the Post-COVID World
If you’re wondering why this is important at all, there are many reasons for it. First, it is the evolution process of payments due to the availability of new technologies in the market, And second, the COVID pandemic has made us reconsider our choices, for a lot of factors.
Customers today don’t want to get in touch with anything public due to the rising number of infections around the world. As a result, they want to pay hassle-free without any queues or swiping cards in retail stores.
To address this issue, Mastercard has recently partnered with Reckor systems to enable touchless payment processes for customers all across the world. Reckor systems is traditionally a Maryland based company that is providing real-time roadways intelligence based upon artificial intelligence driven decisions. When Mastercard partners with this technology the aim will be to make ecommerce much easier.
In other words, Mastercard’s AI drive-through process will not only enable dynamic menus for restaurant owners but also make the payment process as easy as availing a free experience.
The technology is being tested at Dunkins where customers will now be able to walk into the store environment, pick up their coffee and food. Then they will simply walk away without any face to face interactions.
Similarly, in sports and entertainment venues where queues are huge, payments become a huge hassle. Mastercard’s initiative aims at reducing these efforts and making the purchase of food and drinks pretty frictionless. Alternatively, airports and other areas will deploy food and drinks to the customers through their touchless Mastercard solution.
This touchless payment technology will not just be a step towards the future, but also help in the post-covid scenario where the customers will continue to avoid human contact. Interactions with restaurants will start at a drive through stage by recognizing the vehicle and more. This will lead to voice ordering, reducing the need to call a human to place the orders.
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