New payment methods under the trend of non-cash society

With the rapid development of science and technology,the payment industry also develops fast. Traditional means of payment have lagged behind. More and more young people and even older people would like to choose more convenient payment methods. Such as WeChat, Alipay and so on. With the popularization of various non-cash payment methods around the world, the ratio of cash payment in social retail sales in many countries has been declining year by year, and the proportion of non-cash payment in daily payment of residents has increased day by day.

 

 

 

China's Alipay and WeChat have been propagating to create a non-cash society. These mobile payment methods have indeed made China a non-cash country leader in the world. But according to the latest statistics from the market regulator Forex Bonuses,  The top 10 cashless countries in the world are ranked as follows: Canada, Sweden, UK, France, USA, China, Australia, Germany, Japan, Russia.China is only on the top 6 of it.

So,under the development of non-cash society, what new payment methods have emerged?

1. Face scan payment

You only need to face the camera on the POS machine screen when paying and the system will automatically associate the consumer's face information with the personal account.

2. Sound waves payment

To accomplish near-field identification of two devices using the transmission of sound waves, the sound wave payment function is built in the mobile app of the third-party payment product. when users’ mobile phone microphone face to the microphone of the payee, and the mobile phone makes a beep sound, and the payment is completed by sound waves.

3. Vein scan payment

Refers to the confirmation of the consumer's identity by reading the vein pattern of the finger. It is a new payment method that can pay for the consumer behavior without presenting the credit card.

4. Iris payment

Refers to the system that pays with the iris of the eye. When you look at it with your eyes, you will automatically enter the password to complete the payment. Iris wouldn’t change forever once it is formed.The accuracy of iris recognition is the highest among various biometrics.

5. AR/VR payment:

AR (Augmented Reality Technology) / VR (Virtual Reality Technology) has been applied to the payment field. Consumers wear AR/VR glasses, whether it is shopping, live broadcast or games. When it comes to payment, they can complete the payment directly through touch, gaze, nod and other interactive methods.

The last but not least one is Bitcoin payment.

Bitcoin is the largest and most well-known digital currency. Many large companies are accepting bitcoins as a legitimate source of funds. They allow their online products to be bought with bitcoins. With the extreme facilitation of transfer and earning of bitcoins, it would be a mistake not to accept these new-found online coins as cash. With a fluctuating value, the funds can either help or hurt the company.

So really who accepts bitcoins?

  1. KFC Canada
  2. Overstock.com – A company that sells big ticket items at lower prices due to overstocking
  3. Playboy
  4. Subway – Eat fresh
  5. Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
  6. Reddit – You can buy premium features there with bitcoins

and so on. Bitcoin can be purchased on almost every cryptocurency exchanges like HUOBI,OKcoin,Binance. and even some of the payment platform has bitcoin for sale. One of the famous one is Epay.com.In addition to providing convenient and flexible electronic payments and global bank wire transfer service to users around the world, cryptocurrencies buy and sell  is our main service too.

All in all, advanced science and technology make payment ways gradually mature, and there will be more and more new payment methods in our lives.

 

 

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