4 Digital Payment Methods That Will Replace Debit and Credit Cards


These days, there’s no need to carry cash, what with the huge availability of both chip and pin and contactless card payments. And, while these payment methods are pretty convenient, they could soon become obsolete. There are now more emerging digital payment methods that have a good chance of surpassing credit and debit cards. So, what methods should we be looking out for?

1. Biometric Payments

person using biometric security pad
Image Credit: matsuyuki/Flickr

You probably have a fingerprint sensor on your smartphone that you use regularly. Well, such technology is now being incorporated into biometric payments. This could include fingerprint identification and incorporate other kinds of biometric technology, such as pupil scanning.

In this case, you won’t need a card or device to make a payment. Instead, the system will recognize your specific body part and link it to your bank account. This is super convenient, given that you don’t need anything but yourself to pay. However, not everyone likes the idea of having their unique fingerprint identity on file. It’s really down to the individual!

2. Voice Recognition

microphone on stand

Another technology that you may have seen or used before. While you may use a voice control feature on your phone to perform functions, this doesn’t involve recognizing a specific voice. Voice recognition, however, does. This technology works by breaking down a voice recording into different segments and analyzing them using specific algorithms, allowing the system to recognize the voice in question.

Related: Are Contactless Payments Actually Secure?

Voice recognition could work as a great alternative payment method to cards, given that you don’t need anything but your voice to pay. However, this method could be susceptible to impersonators who mimic the bank account owner’s voice to authorize payments in their name. The security of this payment method essentially relies on how well the voice control device can distinguish between voices, even if they’re very similar.

3. Wearable Payment Accessories

smart watch on wrist

Smart accessories have been a thing for a while now, including smart watches. Big tech manufacturers like Apple and Samsung offer some great smartwatches, which can be used to pay without a card at a typical terminal. Smart accessory contactless payments use the same NFC technology as a smartphone, by simply holding the watch close to the terminal.

These watches are becoming more popular for a number of reasons: they can track your steps, allow you to answer calls easily, and, of course, let you pay conveniently. So, we could be seeing this kind of technology slowly overtake traditional credit and debit cards in the future.

On top of this, we may be seeing similar accessories designed specifically for payments alone, which will probably cost a lot less than a typical Apple or Samsung smartwatch.

4. Smartphone Wallets

man using smartphone

Smartphone wallets, or digital wallets, usually come in the form of an app, like Google Wallet, Square Cash, or PayPal. These apps connect your bank account to a digital wallet, where you can make direct contactless payments using your phone and use Near Field Communication (NFC) to connect to the terminal at a store in order to make the payment.

Related: Which NFC Payment App Offers You the Most Security?

You may have already used this payment method. It’s becoming pretty popular! People can’t steal and use your smartphone wallet as easily as they could a credit or debit card, and you don’t need to worry about forgetting your actual wallet if you have a smartphone wallet handy.

Who Knows Which Payment Method Will Replace Debit & Credit Cards?

With so many different digital payment methods being developed at the moment, there’s really no telling which one will take center stage in the near future. We’re already seeing credit and debit cards become less and less popular, so there’s certainly a spot opening up for the next big payment option. We’re excited to see what it is!


5 NFC Security Issues to Consider Before Your Next Contactless Payment

NFC contactless payments don’t provide a cast iron guarantee of safety. Just like any financial transaction, there are weaknesses and loopholes.

Consider these five NFC security issues before you make another contactless payment.

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