Modern technology is quickly shifting the retail industry. With companies such as Amazon and eBay blazing a trail, more customers than ever before are making the bulk of their purchases online. Many technological advancements have been primarily focused on how these companies offer and ship their products, but there is a secondary focus of devising ways to support all of these transactions. The payment processing industry has consistently offered consumers more flexible and secure payment options. Allied Wallet, in particular, has been pushing payments into the modern era.
No More Physical Currency
One of the key changes affecting the way we buy goods and services is the nature of currency itself. Currency has almost always been a physical means of storing value. That value has been stored in a number of ways, from rare objects, to precious metals, to specially minted coins. Even credit cards, though they’re informational in nature, are still physical. However, recent technological advancements have made a compelling case for virtual currencies.
This evolution has been happening for some time now. When we enter a credit card number into a website to make a payment, there’s no need for a physical card to be present. Looking further back, wire transfers have long provided a way for individuals to transfer funds with no physical exchange of currency. However, we can go a step further today through technologies such as cryptocurrencies and apps designed for consumer-facing payments. These flexible technologies, promoted by companies such as Allied Wallet, are one of the factors driving the adoption of non-physical payment processing options.
Heightened Need for Security
The transition to digital forms of payment brings a need for improved security regarding payments and wealth. Security for physical currencies is straightforward. As long as the currency can be kept out of the reach of thieves, then it is safe, and if theft does occur, a physical object has immediately gone missing. As we transition to digital payment methods, theft becomes more nuanced. For one, it is not always apparent to a consumer where they should keep their data to ensure its safety. It’s also not always clear when a data breach has occurred. In some instances, the time between data theft and the use of that data can be years apart, making it difficult to assess how the data was stolen in the first place.
Due to these and many other considerations, data and fraud protection is a leading concern amongst digital payment processors. Looking to the example set by Allied Wallet, which is known for its emphasis on data security, we can get a better idea of the steps that are being taken in the industry to protect consumer data and wealth. The company is adhering to strict PCI DSS Level 1 guidelines that help to ensure that companies are securely storing, processing, and transmitting data. The company also uses SHA-256 encryption to prevent someone from gaining information from customer transmissions.
Emergence of Mobile Wallets
Mobile wallets are another type of payment solution that has become increasingly popular. Typically, these wallets involve the storage of payment information on a mobile app and are often used by customers to pay from their phone. The adoption of the technology by many major phone and tech companies speaks to the demand for modern and convenient payment options.
Allied Wallet’s eWallet app has become a widely-used example of how the technology can work. Business associates can use it to pay for services rendered, and friends and family members can use it to lend and borrow money. The app connects to a bank account or prepaid credit card to offer consumers the ability to transfer funds any time they find convenient.
More Developments to Come
The field of payment processing is changing quickly, so it is clear that there are numerous advancements still to come. Some of today’s technologies, such as mobile point of sale units (or mPOS units), are showing what’s possible when multiple industries cooperate. The ability of such units to process credit card payments without the use of a landline would have seemed to be science fiction not too long ago, but they have now become trusted methods of transmitting wealth between parties. As these technologies become more widespread moving forward, they are opening up payment options on a variety of different fronts.
Though it makes sense that retail giants receive a lot of attention for the ways they have made goods and services more accessible to consumers, their success is intricately tied to the ability of those consumers to make payments. The payment processing industry has grown through the success of individual companies such as Allied Wallet, and their innovations—as well as the evolution of payment technology in general—are changing the face of business as we know it.
More about Allied Wallet at https://craft.co/allied-wallet