Gil Mermelstein featured on NY1 News

In this Money Matters report, Tara Lynn Wagner talks to Gil Mermelstein about the future of payments.

Gil NY1 News Biometrics

When it comes to making payments, credit cards are practically prehistoric.

"It's a 40 year old technology,” says Jason Oxman, CEO of  Electronic Transactions Association. “Same technology used in cassette tapes."

Sure, credit cards recently got a reboot in the form of a chip, but the real innovation is happening outside your wallet. The future is calling and it wants to talk about mobile payments.

"It includes the ability to use a watch, like a wearable, as well as using your mobile phone to pay,” Oxman says. “It's incredibly fun to use, it's reliable but it's also the most secure payments technology ever deployed."

In part because of biometrics, which are making crackable passwords a thing of the past.

"Whether it's a fingerprint or facial recognition technology, voice recognition - so something that in theory should be harder to replicate,” says Gil Mermelstein, managing director at West Monroe Partners.

To read or watch the full report click here.