When people started using credit cards, it seemed like it was the end of paper money. As years passed, we’ve seen plenty of changes in modes of payments. Payments started with cash, cheque, credit cards, debit cards and online banking. When smart phones arrived, they without a doubt changed the game — now even including modes of payment. Today we see most people looking for options that ease day-to-day activities with added convenience.

Online shopping has also made the world of online payments a preferred option as people can sit at home, compare products and pay online. Here are a few ways technology is making is easier for us to pay:

1. In-App Payments:

Not only does online shopping enable people to stay home and make purchases, new apps (Ritual, Starbucks app) allow people to skip lines and immediately receive their product.

2. Mobile Wallet:

New smartphone software is allowing people to use their mobile device like a credit card — most popular being Apple’s ApplePay. E-wallets have recently gained popularity, because you don’t have to worry about having enough cash, and your phone is already in your hand anyways, right? You can link your phone to your account so that your e-wallet has access to funds. NFC technology in phones has allowed the use of e-wallets. Although not all the phones have this technology, every phone company is now making it a must-have.

3. Loyalty Cards:

Loyalty cards lost their luster years ago and seemed to become just another thing cluttering your wallet. However, together with smartphone tech, the usability of loyalty ‘points’ is going up. Instead of remembering to bring a loyalty card, collecting rewards is as easy as scanning a code on your smartphone. Because of the ease-of-use, loyalty cards and apps are able to become more dynamic because instead of a physical card, it can be an interactive point tracker or shopping assistant — think Loblaws rewards app featuring recipes and shopping tips.

4. Global System of Payments:

Payments will get easier not only locally, but globally. The importance of faster payment system came to be only with the prominence of online shopping, where the customer wants to make purchases from another country. Ease of payments has been put in to place in order to cater to the needs of users.

5. Payments and security:

While all the advancements taking place in the world of payments, the question remains, “What about security?” Every business establishment is making sure that all transactions online remain secured and encrypted. A lot of thought is put into making sure that when a customer makes use of his banking details online, he should be convinced that his data is safe.

Security standards and regulations differ country to country, for example, ApplePay in Canada was limited to American Express until May 10th, when RBC and CIBC signed on to participate. The rollouts for the remainder of the ‘Big Five’ banks in Canada are expected to follow.