Where are invisible payment systems used?

Diego Katzman

Diego Katzman
Published 14/12/2020 · 3 min read

I don't have the right amount of money. I have to wait too long in the queue, I can't find the card... And now what have I done with the ticket?

How many times have you found yourself in a similar situation? It's the world of physical payments. We are still in the process of replacing notes and coins with credit and debit cards, and electronic wallets. You know, all that revolution that was triggered by digital technologies in the financial sector. And without having yet completed this process, we are already talking about invisible payments.

They are a trend, and they introduce a new dimension that goes beyond what we have known up until now. Invisible payment systems allow us to make purchases without using cash or physical means of payment. Better still, you don't even need to take your smartphone or card out of your pocket.

As difficult as it may seem, these payment methods have already become a reality through payment by facial, fingerprint or voice recognition, among others. Below, we want to tell you which ones are the most popular and where they are being used.

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Use of invisible payments: who, when and where?

We could answer these questions in a single answer because, in reality, any business that wants to open its doors to users from the new world, up-to-date and in need of streamlining their payment processes, can offer these methods. A restaurant, a clothing shop, a small shop, a supermarket, an online shop... There are no barriers in the use of fintech.

A recent example is BBVA, which is developing payment methods based on biometric technology to make payments in shops invisible. "It has started to use them in coffee shops and restaurants of Ciudad BBVA, managed by Sodexo. More than 1000 employees are already using an App to automate payments and tests have been initiated with a biometric facial recognition system based on the technology of the Veridas start-up, created by BBVA and Das-Nano in 2017". This was announced by the company  earlier this year.

Some of the most popular invisible payment systems so far are:

  • Selfie Pay. You can pay with your face.
  • PCI UVR. And by voice.
  • Microchip. And even from deep inside us. 
  • Virtual Reality (VR). Accepting card payments once the data has been entered. Guaranteed security. Click here to find out more interesting facts about virtual payment.
  • Blockchain. Registering each operation in a block impossible to modify and eliminate. Maximum transparency.

All these methods are designed to offer the best shopping experience to the user and are a unique opportunity for companies. Do you want to differentiate yourself from the competition? Take advantage of the opportunity provided by invisible payment systems and make it happen.

 

Advantages of invisible payment systems

These systems offer a long list of improvements, both for users and for the businesses that implement them. Here we tell you about them:

  1. Greater convenience by not having to keep an eye on the card, pin code or wallet.
  2. Maximum security by associating the identification with unique physical personal data. In fact, identity theft would be virtually impossible.
  3. It increases the conversion rate, thanks to its ease and security of payment.
  4. It optimises the online business and all the operations carried out in it.
  5. It eliminates any need to have multiple reporting providers, risk analysis, payment gateway, etc.
  6. It means new opportunities in the online business.
  7. It reduces the abandonment rate with intuitive payments and simple navigation.
  8. Customers are much more satisfied.

Data storage and management is one of the most important points for businesses today. Above all, taking into account the recent implementation of the General Data Protection Regulation (GDPR)  and the Payment Card Industry Data Security Standard (PCI DSS), which regulates the management and storage of data associated with individual payment cards.

In short, invisible payment systems simplify the procedure, improving the user experience. In addition, they decrease purchase time and prevent consumers from having to go through the checkout. All the time your business saves by not charging manually can be invested in improving customer service, with unique advice and shopping experiences.

Are you ready to make the leap to greater growth? Save time in your day-to-day life.

 

The popularity of invisible payments

Contactless payments have been a revolution and a trend, but the world of fintech is unstoppable. That’s why invisible payments have become the most popular novelty, eliminating the need to carry cash or cards and to go through the cash register. Do you know how much time you will save? For your customers, it will be the ultimate goodbye to long queues. For you, the boost you've been waiting for.

This whole process is subject to the digital transformation of purchases, an initiative that seeks to reduce the steps of consumers when making a purchase, as well as when it comes to paying.

Imagine a customer who is shopping in a store. He just needs to put his products in the shopping cart and leave. Payment is made automatically when the customer leaves. These trends are being very well received in e-commerce, but what about traditional commerce?

To eliminate all the friction of payments you need to go digital. If traditional commerce wants to remain competitive, it's time to offer significant improvements in the way shopping is made. Users seek simplicity, they do not want any more procedures that do not bring any value.

Say goodbye to waiting times, welcome the optimisation of your business. Your potential customers are increasingly opting for e-commerce solutions.

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