Analysts Brendan Miller and Jacob Morgan dive into the future of payments. In their next evolution, transactions will melt into the background to create a seamless customer experience.
Everything is moving toward improved customer experience — including the payments process. The evolution from cash to digital revolutionized commerce. Now commerce will return the favor, moving payment from the forefront of a transaction to the background.
Within the next decade, we will begin to see the effects: Biometric authentication will replace traditional authorizations, the transaction will cease being a physical act, and rewards programs will become fluid and interchangeable based on what fits the transaction best. Essentially, payments will become autonomous.
As Brendan and Jacob describe likely scenarios in this episode, one thing is certain: The shift to autonomous payments promises to be disruptive. Consumer preferences, regional trends, and privacy concerns are among the many factors that will collide to redistribute the economic and market power of payments.