Leveraging The Latest Tech Trends For Safe Payment Methods

Technological innovations have helped transform payment methods. All reputable companies invest in the latest payment solutions to ensure they grow their market share and compete with fintech startups disrupting the financial sector.

How can you leverage the latest tech trends to ensure you enjoy safe payment methods? First, it would help to identify these trends and determine how they help you make your payments safe. This article looks at the critical technology trends impacting the online payment sector. Keep scrolling to find out more.

Cryptocurrencies

Cryptocurrencies are the most popular implementation of blockchain technology. Most people associate cryptocurrency with Bitcoin alone. However, there are over 9000 cryptocurrencies, including privacy coins, stablecoins, security tokens, and utility tokens. For example, Ethereum is the main platform for non-fungible tokens (NFTs) and finance applications.

Cryptos have attracted much attention since 2020 because of their security and privacy features. This has made crypto payments popular in eCommerce platforms and the online gambling sector. 

Most online gambling fans love to keep their gambling activities under wraps. For example, if you interested in playing online pokies in Australia for real money, and don’t want everyone to know, you can transact with your online casino using cryptos. Cryptocurrencies are excellent for such because they support privacy and anonymity. Also, since they are based on blockchain technology, they are secure. 

Biometrics

Biometric technologies offer various solutions that can help make online payments more secure and reduce friction layers during the payment process. Criminals have always found a way of going around security features used to secure payment processes. For instance, the traditional password is no longer as secure as it used to be, as criminals have mastered the art of hacking and cracking passwords.  

Luckily, biometrics use identifiers such as facial recognition, fingerprints, and voice recognition which are extremely difficult for criminals to replicate. When you use biometrics, they help to reduce online fraud.

Additionally, online payment companies have integrated biometric solutions in compliance with Payment Services Directive Two (PSD2) Strong Customer Authentication (SCA) requirements. Using this technology enables multi-factor authentication by combining biometrics with passwords.

Tokenization

Tokenization allows your card details stored on digital wallets to be replaced by a one-use token at payment. This innovation prevents your data from being exposed to cybercriminals when transacting online. Tokenization is now the industry standard for digital wallets.

The extensive use of this technology has had two main effects on the market:

  • It has helped to bring wallet providers such as Google and Apple under the purview of payment regulators.
  • Sensitive user data is now concentrated in the hands of wallet holders. This design makes the chain more secure but creates a single point of vulnerability. If it is compromised, it could be disastrous for wallet providers and customers.

Final Thoughts

Even though technological innovations have helped make online payment systems more secure, users have a role to play. For instance, you must ensure you are careful not to share sensitive information on any website, use strong passwords, and take advantage of the latest security features to keep your online accounts safe!