Introduction to Augmented Reality in Payments
There is absolute confidence in regards to the indisputable fact that augmented reality apps and technology are shaking up every area of interest in business. Starting with the best applications in warehousing for hands-free order picking and ending with complex tools for medicine and the automotive industry, AR technology offers modern ways of working, socializing and communicating. And straight away it’s within the technique of transforming an already shifting industry: online and mobile payments.
The Potential of Augmented Reality in Payments
The potential offered by augmented reality apps was not ignored by the banking and payments industry. The level of competition is already through the roof and every card company and payment processor is attempting to keep customers loyal by offering various incentives. Shopping on the go is already a reality with the assistance of powerful smartphones and mobile payment systems. Augmented reality guarantees to take it a couple of steps further.
Real-World Examples of AR in Payments
Several industry leaders are already exploring the potential of AR in payments. For example, VISA partnered with Blippar to create an experimental AR shopping experience in London, allowing customers to discover products, select sizes, and complete purchases using their smartphones. Similarly, Mastercard is working on upgrading its Masterpass service with facial recognition and AR shopping capabilities.
How AR is Changing the Shopping Experience
Merchants and online shopping brands are able to take the leap into AR-powered shopping experiences. With AR, customers can try on virtual clothes, see how furniture would look of their homes, and more. This technology has the potential to revolutionize the way in which we shop online, making it more immersive, interactive, and convenient. However, there are also concerns that AR might "kill off" the thrill of trying to find products, trying them on, and unboxing them.
The Future of AR in Payments
As AR technology continues to evolve, we are able to expect to see much more modern applications within the payments industry. For example, pairing AR with facial identification and mobile payments could make the shopping experience even higher. With AR, online retailers could make it easier for purchasers to proceed to the checkout without ruining the moment of admiring themselves "wearing" the item.
Conclusion
In conclusion, augmented reality is transforming the payments industry in exciting ways. From experimental AR shopping experiences to upgraded mobile payment services, the potential of AR in payments is vast. As this technology continues to evolve, we are able to expect to see much more modern applications that make shopping easier, more convenient, and more immersive. With AR, the longer term of payments is looking brighter than ever, and it can be exciting to see how this technology continues to shape the industry within the years to return.
