7 big milestones that Payments Industry crossed this year

Over $879 trillion dollars of transactions passed the financial switches:

  • Number of transactions processed by Fedwire, which handles large-scale wholesale transfers: processed 132 million transactions for a total of $599 trillion.
  • Number of transactions processed by the Automated Clearing House (ACH) Network: 21 billion transactions with a total dollar value of $36.9 trillion. What’s ACH? ACH is an electronic network for financial transactions in the U.S. It processes large volumes of credit and debit transactions in batches.

Pay with Wearables and Internet of Things:

Smart-Watch:

  • Numerous international exhibitions like the Consumer Electronics Show in Las Vegas, the Mobile World Congress in Barcelona saw the launch of Smart Watches by big companies like LG, Samsung, Sony, Qualcomm and many other players creating a wide scope for e-commerce and payment technology firms to target the smartwatch market space.
  • In February 2014, a company named LevelUp successfully deployed its payment platform on the Pebble smartwatch enabling the watch to generate QR codes which can be scanned at POS to make relevant payments.
  • Samsung’s Galaxy Gear 2 comes with an integrated camera which can find other applications in payment methods requiring visual imagery techniques. The LG GD910 smartwatch comes with voice commands capabilities which can find use in soundwave related payment technologies.
  • The Sony SmartWatch 2 is integrated with NFC hardware which itself finds wide use in payment domains. Casio’s G-shock smartwatch is BLE (Bluetooth low energy) enabled and can find use in Beacon related payment modes.

Google Glass:

  • Google Glasses hosts a wide range of features which can be applied to payment methodologies. Customized apps can be installed on this device to enable intuitive interaction with banking & e-commerce firms.
  • In June 2013, a Ukrainian bank named PrivatBank installed such an application which gave the glass user the power to perform a variety of payment options.
  • Using the app, the user can directly pay bills by simply clicking pictures of them, pay by voice at places like fueling stations and scan QR (Quick Response) codes by simply looking at them and order the payment process by simply saying Pay.
  • Other functionalities can be embedded involving authentication by QR codes at POS terminals as done by the company Intuit.
  • Practical scenarios are possible where users could simply find the nearby ATM using Google Glass, walk up to the machine, scan the relevant QR code and make withdrawals without the need of remembering PINs.
  • Banco Sabadell, a Spanish bank actually got an app developed in October 2013 to make such scenarios possible.

Internet of Things:

  • The internet of things talks about the virtual presentation of identifiable objects in the int ...
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