18 October 2017
Find out more

Welcome to the future: Drone Pay

26 February 2016  |  15404 views  |  5 dronepay

Forget Apple Pay, MasterCard's selfie pay and bitcoin, Finextra has seen the future of payments and it is Drone Pay.

Figures out today show that Brits have embraced contactless payments, with spending on tap and pay cards rising more than three-fold, to £7.75 billion, in 2015.

But the boys (of a certain age) at Consult Hyperion think that there is still room for improvement and have spent their Friday developing a "multi-card remote payments" system.

The device, consisting of a couple of cards stuck to a small drone, enables the user to save valuable walking energy by flying their payment to the point-of-sale.

And it's fast too - in this video, Dave Birch goes from lift-off to payment in under 90 seconds.

Of course, there is the chance of a system crash or user error:

...or card clash:

Drones have other potential financial services applications. Taking a leaf out of Amazon's playbook, during a hackathon in November Mondo's Simon Vans-Colina built a card delivery drone. It is not known whether Mondo has decided to adopt the idea.

Comments: (5)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 26 February, 2016, 15:24

Still not as cool as the DCA (Distant Card Access) technology which we will be announcing on 1 April this year - it let's you pay of any card of your choice around you ))

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
David Birch
David Birch - Tomorrow's Transactions - London | 26 February, 2016, 17:44

One small engineering clarification: we didn't stick the cards on the drone, we 3d printed the cardholders and then attached them to the drone!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Vishwanath Thanalapatti
Vishwanath Thanalapatti - Risk Management Professional - Toronto, Canada | 29 February, 2016, 03:22

What perhaps will be a remarkable innovation is if a 3D image of the card is transported for a transaction and when completed, erase itself. :-)

1 thumb up! 1 thumb up! (Log in to thumb up)
David Brunsdon
David Brunsdon - First Rate Exchange Services Ltd - London | 29 February, 2016, 10:18

Brilliant, I'll just program my drone to go to the ATM and getting my cash! :-)

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 01 March, 2016, 08:26

Drone pay has more of technology geek sentiment than business case in value chain. I can sense one where Drone is with Merchant / business card and after goods delivered customer does the fund transfer to the merchant's card ( EMV + CHIP + NFC...) or Drone with GSM gateway to complete payment for the delivery of goods ( just as COD).

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comRegister nowvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15478 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8672 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8279 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7738 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6945 views comments | 9 tweets | 17 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job