Future of payments
Money in physical form is rare today. At the end of 2015, all Polish cash – all banknotes and coins – was worth PLN 162 billion, while in bank accounts – PLN 993 billion – the National Bank of Poland provided. Globally, 90 percent. the money is currently immaterial. “As long as people are ready to exchange goods and services for electronic data, such money is better than a buzzing coin and a rustling banknote – lighter, easier to manage and easier to control” – says historian prof. Yuval Noah Harari in the book “Sapiens. From animals to gods. ” _____ . They will be replaced not only by ubiquitous payment cards, but also by new solutions. They are also popular in Poland. – We are one of the largest European markets that accepts contactless payments on such a large scale. This is due to the fact that Poles are eager to reach for news – says Jolanta Rycerz, a banking expert. – On the other hand, Poles also claim that they control their expenses better when they have cash in their wallet: they see the flow of money, they know what they can afford.
In 2018, we had nearly 41 million payment cards in our portfolios, of which 32.9 million are contactless cards. We use this technology at 85%. all transactions, so much more often than the European average (48 percent) or, for example, data for Germany (15 percent) – says Mastercard. _____ . When we approach them to a device such as a payment card terminal, they send a small portion of information via radio waves to it. Such chips are passive, which means that they contain information that other devices can read, but they can not read anything themselves. ____ . The report “Payments digital 2018” shows that with the help of cells, it pays 8 percent. Poles choosing solutions such as Google Pay or Apple Pay. Every fourth one chooses a simpler but intensively promoted BLIK system, in which we pay by providing the code displayed by the mobile application.
Companies are also wondering about even more futuristic solutions today. Perhaps one day some shopping will be done for us by artificial intelligence controlling eg our fridge and pantry. For payment, you can also use VR goggles, which will be able to recognize the owner and allow him to buy without leaving the virtual worlds. _____ . When devices are created allowing for a precise “reading” of our thoughts and connecting the brain to the Internet, in principle we could only think that we want to buy something to make the transaction. – This, however, raises the greatest resistance among experts, because shopping will then become too easy. In addition, in accordance with the law in force to conclude a sales agreement, it is necessary to submit a declaration of will, that is, an external manifestation of the decision of a given person – emphasizes Kacper Nosarzewski. In his opinion, this type of technology will not be seen on the market for many years.
- Complete the Article with the sentences from below. One sentence is not needed.
- The most exotic idea is the so-called neuropayments.
- Some countries, such as China or the Scandinavian countries, announce that they will soon get rid of cash.
- Contactless payments are possible thanks to the NFC (Near Field Communication) integrated in the card.
- NFC technology has been around for quite few years already. It might be milestone for payments system.
- The majority of cell phones sold today also use NFC technology.
- Is this true/false?
- Non-physical money is the only way to pay today. TRUE FALSE
- Cash will be soon replaced by only payment cards. TRUE FALSE
- We can pay without contact thanks for Near Field Communication. TRUE FALSE
- 25% of people choose to pay by BLIK. TRUE FALSE
- Kacper Nosarzewski says that neuropayments will soon be seen on market. TRUE FALSE
- Match the words with their meanings
- Payment Card
- VR Googles
- Artificial intelligence
- Mobile application
- part of a payment system that enables its owner to access the funds in the bank accounts and make payments by electronic funds transfer
- head-mounted device that provides virtual reality for the wearer
- intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and animals
- computer program or software application designed to run on a mobile device such as a phone/tablet or watch.
- Complete the following sentences with the words
Google Pay, VR Googles, Brain, BLIK
- I was able to pay by phone thanks to ______.
- You can pay without leaving your home with the use of _______.
- Connecting ______ to the internet is necessary for neuropayments.
- Generating a code called ____ simplifies paying a lot.