Payments technology has changed significantly over the last twenty years, with traditional cash payments being slowly outmoded by other methods of payment. This is due in large part to Visa, which, along with other credit card companies, has driven and revolutionised payment technology.
Their latest payment innovation is a wearable pay band. According to Visa, the payment band will feature PayWave technology that can be linked to any existing accounts. The bands are also waterproof, which is ideal for beach or workout scenarios. The bands are currently available in Australia from DC TAG and Optus Pay.
In addition to this revolutionary payment technology, Visa have also introduced a limited edition pair of sunglasses that can be used for payments. Still in the early development process, the glasses were tested at St Jerome’s Laneway Festival in January and February. On their website, Visa stated that the sunglasses were created because they are looking to create payment methods that fit the everyone’s lifestyle.
Visa aren’t the only ones who are innovating how people pay. In December Amazon revealed a plan to for stores where customers can walk-in and walk-out without having to stop and pay, titled Amazon Go. Customers must download an app on their phones which then checks in at the store. The app tracks what the customer purchases so that their Amazon account can be charged accordingly. Currently, there is only one Amazon store using this technology in the company’s headquarters in Seattle, Washington. However, this store is only open to employees, and will open sometime this year.