Next step in the evolution of payment modes?
Payment mechanisms have seen a constant evolution from using coins to paper money to cheques to credit cards and finally the mobile app. The next step obviously, would seem to be moving the payment mode from something in your hand to inside your hand itself.
Next generation ?
A vending machine company based in the US, has already begun work on this step. The company intends to install microchips inside human volunteers that will allow them to make payments without the use of a medium. The company Three Square Market have at least 50 volunteers from within their staff who have agreed to take part in this experiment. They will have a microchip – similar to a contactless credit card – inserted between their thumb and fore finger.
These volunteers will then be able to bypass login requirements to purchase their lunch. The microchip uses radio-frequency identification (RFID) and near-field communication technology [NFC] to read information stored on objects or products external to the chip. Toddy Westby, CEO of the company has this to say,
“We foresee the use of RFID technology to drive everything from making purchases in our office break room market, opening doors, use of copy machines, logging into our office computers, unlocking phones, sharing business cards, [and] storing medical/health information. Eventually, this technology will become standardized allowing you to use this as your passport.”