Augmented Reality to Empower the Payments Industry
E-commerce industry has flourished a lot in the last decade and to strengthen its roots the industry is embracing cutting-edge technologies. Augmented reality (AR) tools are being widely integrated with the existing portals to enhance customer experience. AR is a technology where the real-world is augmented with digital tools to gain a better understanding of the product, sites, or other utilities. Online shopping carts have been influenced by AR; users are being provided options to experience goods, unlike the traditional online platforms. Now the payments section or industry also has started to adopt the technology for its advancements.
AR powered Glasses
Payments industry looks forward innovating AR powered glasses which will allow its users to make purchases just with eye and hand gestures. The traditional payments processes where the card details are required prior to making a purchase are soon to go obsolete. Merchants anticipate these glasses to be compatible with all e-commerce platforms and permit product trails as well in tandem with payments. Taking a step ahead, the technology might also get integrated into the regular eye wears eliminating the need to carry or change the glasses for making payments.
Data Privacy and Security
AR-enabled tools and gadgets would also cater consumers with data privacy and security as the payment credentials would be added only once and can be used at various platforms. As an outcome, buyers will not have to share their credentials and merchants will also be able to streamline the payment options. AR glasses would be able to maintain the data security as it can use biometrics such as iris for identity verification purposes resulting in complete user data security.
Currently, financial organizations striving to make payment gateways highly secure and fraud-free. OTP, captcha, passwords, and various other means are being put to use for the same, still, 100% security is not achieved. AR-enabled tools can prove handy as aforesaid that the gadgets would use biometrics for identity verification which if, combined with blockchain technology could result in revolutionary breakthroughs.
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Bridging Payment and Social Media
Many firms have started to utilize social media platforms for selling their products but these platforms lack a payment gateway. AR-enabled gadgets could easily bridge the gap by providing one universal payment channel and enhance the overall user and merchant experience over the social landscape.