Nowadays it is already possible to pay (for small amounts) without entering your personal pin. This is called paying “contactless” and is estimated to be used for around half of all transactions in the Netherlands¹. But in the (near) future we may not even need to bring our cards to the store.
First of all, it is already possible to pay with your phone. In 20 countries so far, but not yet the Netherlands, Apple has introduced Apple Pay. This service allows users to pay with their phone, after registering their bank account details in the service. You simply put your phone on top of the terminal, just like with contactless payment². Paying with your phone is possible because there is a NFC chip in your phone. Most modern phones have this chip³.
Besides paying with your phone, a second way to pay without card can be by using your accessory. For example, ABN AMRO is conducting a research to make paying with accessories possible. They are still experimenting and testing this new paying method. Their new advertisement shows two boys visiting a music festival and paying for their beverages not with a debit card, but with their ring and watch. Besides rings and watches, ABN AMRO experimented with a key chain and bracelet4. Because the Netherlands has such a high usage of contactless transactions, it is an ideal place to test these kinds of innovations.
Right now we still have to bring our cards to the store, but maybe we do not need to do so in the near future. Personally, I would find paying with, for example, a key chain very useful. You almost always have your keys with you, so that would save bringing a wallet. A possible downside to this is that your key chain becomes even more valuable and therefore more likely to be stolen. What would you prefer, using a debit/credit card or paying with your phone/accessory? I am curious about your opinion on wearables!
Sources:
- https://www.americanexpress.com/us/content/foreign-exchange/articles/new-wearable-payment-methods/
- https://www.iculture.nl/uitleg/apple-pay/
- https://www.banken.nl/nieuws/20919/betalen-met-wearables-populair-volgens-experiment-abn-amro
- https://www.abnamro.nl/nl/prive/betalen/wearables.html
