4 digital payment methods that will replace debit and credit cards

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Nowadays there is no longer a need to carry cash, with the wide availability of chip, PIN and contactless card payments. And, while these payment methods are quite convenient, they may soon become obsolete. There are now more and more emerging digital payment methods that have a good chance of outperforming credit and debit cards. So what methods should we be looking for?

1. Biometric payments


person using biometric security stamp
Image Credit: matsuyuki / Flickr

You probably have a fingerprint sensor on your smartphone that you use regularly. Well, such technology is now integrated with biometric payments. This could include fingerprint identification and incorporate other types of biometric technologies, such as pupil scanning.

In this case, you won’t need a card or device to make a payment. Instead, the system will recognize your specific body part and link it to your bank account. It’s super convenient, since you don’t need anything other than yourself to pay. However, not everyone likes the idea of ​​having their unique fingerprint identity on file. It’s really up to the individual!

2. Voice recognition


microphone on stand

Another technology that you may have seen or used before. Although you can use a voice command feature on your phone to perform functions, it does not involve recognizing a specific voice. Voice recognition, however, does. This technology works by breaking down a voice recording into different segments and analyzing them using specific algorithms, allowing the system to recognize the voice in question.

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Related: Are Contactless Payments Really Secure?

Speech recognition could work as a great alternative payment method to cards since you only need your voice to pay. However, this method could be susceptible to impersonators who mimic the voice of the bank account owner to authorize payments on their behalf. The security of this payment method relies primarily on the ability of the voice command device to distinguish voices, even if they are very similar.

3. Portable payment accessories


smart wrist watch

Smart accessories have been around for a while now, including smartwatches. Big tech makers like Apple and Samsung have great smartwatches, which can be used to pay without a card on a typical terminal. The smart contactless payment accessory uses the same NFC technology as a smartphone, by simply holding the watch near the terminal.


These watches are becoming more and more popular for a number of reasons: they can track your steps, make it easy for you to answer calls, and of course, make it easy for you to pay. So, we might see this kind of technology slowly overtaking traditional credit and debit cards in the future.

On top of that, we can see similar accessories designed specifically for payments alone, which will likely cost a lot less than a typical Apple or Samsung smartwatch.

4. Wallets for smartphones


man using smartphone

Smartphone wallets, or digital wallets, usually come in the form of an app, like Google Wallet, Square Cash, or PayPal. These apps connect your bank account to a digital wallet, where you can make direct contactless payments using your phone and use Near Field Communication (NFC) to connect to a store’s terminal to complete the payment. .


Related: Which NFC Payment App Offers You The Most Security?

You may have used this payment method before. It’s getting pretty popular! People can’t steal and use your smartphone wallet as easily as a credit or debit card, and you don’t have to worry about forgetting your real wallet if you have a smartphone wallet handy. .

Who knows which payment method will replace debit and credit cards?

With so many different digital payment methods under development, it’s really not clear which one will take center stage in the near future. We’re already seeing credit and debit cards become less and less popular, so there is definitely a place for the next big payment option. We can’t wait to see what it is!


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