Invisible payments: the holy grail

Each payment method, whether it is cash, card, mobile or wearable, comes with an identity factor. In terms of cash, a consumer interacts directly with an employee. When it comes to card, a user taps or enters a chip and pin. Even with mobile wallets, the user still has to take it out and tap.

Invisible payments split the identity from the act of purchasing, allowing users to have a truly unbridled, frictionless payment experience.

“Within China the self-service BingoBox becomes more popular. Self service and efficient unmanned convenient stores are introduced on specific locations like airports and or places where the traditional store does not fit anymore.” Van Mastrigt says.

The trend will allow for more effective personalisation. It will help businesses to better understand the habits of their shoppers because identity is authorised at the beginning of the transaction instead of the end. Ultimately, it’ll allow companies to provide better services.

Invisible payments are already in play

Food delivery and ride share or taxi services are great examples of invisible payments which are already being used. By simply storing personal and financial information on an app, users can hail a lift, get dropped off at their destination and then walk away, knowing that they’ll be billed for the service.

Often dubbed the ‘uberization’ of payment, the method depends on building in a trustful recognition of identity as the first step in the process. Then, the final payment is charged almost as an afterthought to the consumer experience.
Shoppers may not be asking for this type of payment method. They know it exists, but they don’t understand its full capabilities. But given that it’s easy, fast and secure, they’re likely to adopt it quickly as it’s rolled out across various industries. The message for businesses is ‘watch this space’

Is your business ready for the future?

The payment ecosystem of today is very different from that of just ten years ago – and entirely unrecognisable from the era of writing a customer’s name in a ledger and settling up later.

Over the next decade businesses will be expected to meet the surging demand for a wide selection of payment options. Some incorporate existing infrastructure, making it easy to adhere to emerging trends. Others require a much more strategic investment into capabilities, but often reap the reward of improved revenue and a better customer experience.

We’re nearly there with contactless cards and Amazon Go; the uberization of payments will ultimately make them truly invisible. Eventually, payment will be nothing more than an afterthought.

The future looks bright for consumers, with payment set to return to the background of the activities they’re taking part in.
It’s all reliant on companies, though, to be able to adapt to a shifting payment world.

“The future looks bright for consumers, with payment set to return to the background of the activities they’re taking part in”


1 User order taxi

2 User getting in to the taxi

3 Payment done from user's account


Read full CCV Pulse trend report here.


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