Innovation Monitor: Face-scanning, stablecoins and “UX is the new gold” — The Future of Payments

  • We may see more adoption of cashless payment methods to mitigate physical interaction.
  • Improved methods of fraud protection using tech like AI and machine learning (cases of attempted fraud have increased during the pandemic).
  • Increased fraud and economic distress may spur parties to adopt blockchain-based asset and payment tracking.
  • Payment fintechs may find it harder to acquire funding as investors look towards lower-risk environments.
  • Token-based mobile wallets such as Apple Pay and Google Pay, which allow for contactless payments, might see more widespread adoption. For reference, “Tokenization is used to replace the… credit card number with a token. A token looks like a normal credit card number, but it’s not the original…. Tokenization stops the original card number from being used during transactions.”
  • Google is reportedly testing a system that will support voice authentication for payments.
  • Samsung, SoFi, and Mastercard are teaming up to launch Samsung Money, which will allow Samsung Pay users instant access to and easier management of their accounts.
  • JCB is partnering with FIS to drive up the adoption of JCB’s cross-border QR code payment solution, which enables cardholders to make payments by scanning a QR.
  • Facebook rolled out Shops to help merchants set up stores on Facebook, and DoorDash has launched Storefront, a platform that will enable restaurants to build online stores “at the click of a button.”

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NYC Media Lab connects university researchers and NYC’s media tech companies to create a new community of digital media & tech innovators in New York City.

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