Keeping up with the rapid changes in the digital commerce and payments space can make a developer’s head spin. But one look at the agenda for Money20/20—the world’s largest payments and financial services innovation event—makes one thing clear: There have never been more tools, platforms and services available to make everything from saving to spending as speedy and safe as possible. And as consumers increasingly turn to their mobile devices to shop and pay, Visa is leading the next phase of commerce to ensure payments become easier (and more secure) than ever.
If you’re tuning in to Money20/20 (and even if you’re not!) these are the top five innovation trends for consumers to get excited about this year:
Known by many as the technology underpinning the bitcoin digital currency, blockchain is emerging as a way for companies to instantly verify transactions, without relying on a central authority—something that’s essential as companies face new challenges in data management and security. Numerous banks, retailers and others are experimenting with blockchain so they can digitally track the ownership of assets—a move that could speed up transactions, cut costs and lower the risk of fraud. Keep an eye out for Vicky Bindra, Visa’s global head of products and solutions, as he helps kick off Money20/20 with a look at blockchain-based solutions that solve real-world payments problems, and learn about our recent Visa and Chain partnership here.
2. The Internet of Things (IoT):
Visa is working with companies around the world to ensure that Internet-connected devices, appliances or wearables can offer secure, fast and easy payment solutions. After all, IoT is already taking over our homes, cars, classrooms, workplaces, kitchens—the list goes on. To help illustrate the scale and speed of IoT growth, market research company International Data Corporation (IDC) predicts there will be 200 billion connected devices in use by 2020, ranging from mobile devices and home appliances to supply chains and healthcare records. That equals about 26 smart objects for every human on earth. As new devices come online, billions of potential new entry points for hackers are also created—meaning companies will need to find new ways to guarantee the security and seamlessness of payments. Visa is continuously working to create best-in-class payment and data security technologies to the growing world of connected devices.
3. Faster payments
The sharing economy is a prime example of how faster payment options help make businesses more efficient and successful. When a person steps out of a ride share having reached a destination, he or she doesn’t need to worry about swiping a card or doling out cash, and the driver has no need to worry about printing receipts or counting out change. Does it get any easier? Total revenues from shared economy services are expected to grow from $6.4 billion in 2015 to 20.4 billion in 2020 (Sharing Economy, Juniper Research, April 2016), and Visa Direct, a real-time payments network for business and person-to-person (P2P) payments is already helping partners enable customers to send and receive money faster (within 30 minutes) to and from more than 200 million Visa debit cards in the United States as well as non-Visa branded debit cards.* Learn more about the potential impact of faster payments by stopping by Visa’s “Day in the Life of a Tuk Tuk Driver” experience at the Visa Everywhere Lounge at Money20/20 for an immersive experience on how the emerging technology is already being put to good use.
4. Virtual reality (VR)
Imagine seeing how you look in a new outfit, without having to try it on, or experiencing a pro football game from the point of view of the quarterback. These are just a few examples of the promise of virtual reality—and we’re closer than ever to its widespread use. Today, there is more and more emphasis placed on using VR technologies and tools for experiences that go beyond recreation and gaming. Newer iterations show VR popping up in industries like politics, healthcare and commerce. Stop by the Visa Everywhere Lounge at Money20/20 for a virtual reality experience using Click to Pay with Visa's one-click shopping for a glimpse into this exciting future of payments.
As technology advances, consumers are going to rely on more than just a simple password to protect their assets, accounts and the rest of their digital presence. Enter biometrics, which promises a more nuanced view of security with an eye scan or a well-placed hand. Research on biometric tech is amping up, and with it comes the ability to make the authentication process more robust, convenient and secure for consumers. Watch Recode senior editor Jason Del Rey talk optical verification technology during a Facebook Live interview at Money20/20, Tuesday Oct. 26 at 11 a.m. at the Visa Everywhere Lounge.
*Visa requires U.S. issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction.