Introduction :
In our daily life, online payment is very important. Online payment has become a part of our life, but in some cases, we can’t pay due to device charging issues, mobile hanging, or forgetting our personal device. That’s why in the future, we will use thumb payment.
What is Thumb payment?
Thumb payment is a new payment method that will be used in the future. Basically, it is a method of making payments using our thumb. In our daily life, online payment is very necessary — around 50% of people do not carry cash on any given day. This payment method will change the entire global payment system. In this method, the user only needs to place their thumb on a payment device (specially designed for merchants/retailers), and the user can pay without using a mobile phone or credit card. This is a revolution in online payments.
How does the Thumb Pay system work?
Thumb Pay is a very advanced payment system. In this system, users first need to open a digital payment account using their thumbprint, Aadhaar, and a 6-digit PIN, and then connect their primary bank account. Once everything is set up, the user can make payments using their thumb anytime, anywhere. This system works on biometric authentication technology. When you press your thumb on a merchant’s payment device, it automatically connects to your account, allowing you to pay easily.
Advantage of Thumb Payment?
1/ Easy to use.
2/ No need to carry your device.
3/ Simple functions.
4/ Safe and Secure.
Vision of future payment system:
In the future, various types of payment methods will be used, such as QR payments and OTP-based payments. But thumb payment will be the most common and secure method. This future payment system will change everything. There will be no need to carry different types of payment devices like mobile phones, smartwatches, or smart rings.
Disadvantages of other payment system:
Various types of payment methods have different kinds of problems. For example, in QR payments, the user needs to scan the code, but sometimes the QR doesn’t scan properly due to poor lighting or camera issues, and it takes a lot of time. If the mobile phone suddenly shuts down, it creates a big problem. But Thumb Pay avoids all these issues, because in this payment method, there is no need to scan anything.
Conclusion:
This is currently only a concept, but in the future, it could become a reality. It will bring a revolution in the online payment system. In the future, payment providers like Google Pay and PhonePe may offer thumb pay systems.
