Technology Advancement and Income Protection Insurance
Technology and advancements have lessened the work stress and physical work load of human. Every day a new technique is answering one or the other problem to perform any activity. Many fabulous innovations have also been done in the world of Telecommunication. The invention of telephone diminished huge problems, which were generated due to improper and delayed communication. A fire can be extinguished by calling Triple zero number, in place of travelling at high speed on motor
bikes to inform the fire extinguishing services. The technology in the field of communication has not only solved the issues of distance, but also of proper information dispersion. All such situations got solutions by the mode of telephone, then mobile phone and further internet services. The invention and further advancements of internet services have engulfed the economic activities performed by an individual even in daily routine. Now, you can submit taxes online in a few minutes and can relieve yourself from the stress of standing in line. You can buy things online and transfer money, here the stress of withdrawing money from bank regularly, has gone. Many more innovations like Phone internet and broadband, have smoothened the life of people. One more thing in telecommunication has surprised the world, which is the palm vein scanning for shopping. Vein scanning is an old technique, but using this technique for shopping is new. This technique has been already
introduced in southern Sweden. Chris Hamilton, the chief executive of The Australian Payments and Clearing Association stated that, such techniques of vein scanning was evolved time before, but was not used for shopping. Biometrics and scanning parts of bodies have been used for years now for verification, like your eyeball or your fingerprint to open a locker or door. Talking about vein scanning or palm vein scanning for shopping: A customer can use this facility in any shop or restaurant. Step 1: The customer has to scan their hand thrice before registering their personal details. Step 2: A text is sent to customers mobile, and an activation link to a website. Step 3: Payments are then taken from the customerâ€™s bank account from then on. Many more techniques in concern to biometrics are also available like Sleeve spending, which asks for wireless
payment chip and antenna inserted to pay, using a contactless payment terminal; Fingerprint technology where fingerprint is scanned on the smart phone or at the checkout; Hand scanners, where palm is scanned over the payment terminal; Mobile phone, where mobile is scanned at the checkout to pay using a virtual wallet; Facial recognition, which asks for facial scanning at the checkout. Still, these technologies are not much prevalent as the telecommunication companies, the banking system and other bodies will have to participate. But, this will surely lessen the stress of handling wallet and the threat of pick pocketing. These technological advancements are also helping people to make sure that their money or income is fully covered and insured, hence these technologies give an impression of income protection as well.