I was reading the Finextra’s report on UK SMEs losing £1.6B by not accepting invisible payments or supporting conversational transactions. So, I had to dig in and find out what these are, and this is what I found
- Invisible payments – One of the first instances where the term emerges. It refers to a situation where there is no explicit physical action associated with payment. Uber payments are the best examples. NFC and touchless come close, but still require the user to pull out the phone or the wallet.
- Conversational commerce/ transactions – exchange of goods and value conducted as part of the interactions on messaging platforms. It requires integration of speech recognition, natural language processing, AI, and strong, passive authentication (Dan Miller) to deliver convenience, personalization to people on the go, with limited attention span to spare (Chris Messina)
I hope you find it useful in navigating the latest jargon!