Smart Payments

  • Michał&Kacper

    On the 13th of May, we interviewed an employee of two banks. We talked about the modern and innovative payment methods that will be available to the customers of particular banks in the future. Our ideas included iris payment and payment with an implant placed under the skin. We also discussed the risks associated with these methods. 

    Kacper - What do you think about iris payment, and will it ever be possible, and if so, will it be used in the future?

    Banker -The iris payment already exists today e.g. in Wroclaw, it is already certain that this is the safest method of securing one's data. In the future, banks will certainly want to be able to offer this method to their contractors. At the moment it is not yet possible to secure accounts with irises in most cities, but technicians are certainly working on it. It won't be available "tomorrow" but we will definitely be able to use it soon.

    Michał - Will it be safe to keep money in the bank if it is guarded by your iris code?

    Banker -Securing your money with your iris is a very secure method. To date, there is no more secure method of securing accounts. Each iris is unique, making it a "password" that is virtually unbreakable. This would have an impact on the customer's trust in the bank, which would translate into more transactions going through banks.

    Kacper - What are the chances of state banks introducing payment by implant under the skin?

    Banker -Subcutaneous implants are already available to buy and use today only they are sold by a private implant company. It is only a matter of time before this is launched on the market, but some customers may prefer to pay by watch as it is comparable to paying by implant but with nothing under the skin and therefore no discomfort. This will definitely be one of the payment options, with great potential for banks to introduce this technology.

    Michał -What risks could the implant operation be associated with?

    Banker -Generally, there are no risks, such an implant does not interfere with the body in any way and does not cause negative effects. However, having such an implant requires an operation to place it under the skin, which may not be suitable for everyone. The implant itself is also visible and palpable which can cause discomfort.

    Kacper - How much could the operation and purchase of such an implant cost?

    Banker -A payment implant costs at the moment about 200€, which when converted into PLN is somewhere around 800 PLN. The surgery itself depends on the country, but prices start at around 500PLN. And the total price of the implant with the surgery is somewhere around 1300 PLN.

    It turned out that our ideas on modern and innovative payment methods are well-thought-out and will certainly appear in the future. Some of them are already being introduced by private companies.