The future of payments isn't just a matter of what technology might make possible, a crucial factor will be understanding what's going to work for a public still getting used to the idea of using payWave at the supermarket.
That's where students from the UTS Bachelor of Creative Intelligence and Innovation (BCII) have entered the scene as part of a new partnership with payments technology giant Visa.
Billed as Visa's first partnership with an Australian university, it began recently with a design workshop involving 40 BCII students who were challenged to imagine new ways Australians could pay in the future as wearables and connected devices transform everyday life.
"Essentially we are connecting Visa not only to the innovators of the future, but also the people who will use the products of the future," said BCII Course Director Dr Bem Le Hunte.
The Bachelor of Creative Intelligence and Innovation is a unique combined degree that can be undertaken alongside 18 core UTS degrees. Students who took part in the Visa workshop are studying in diverse core areas including communications, social inquiry, business, science, engineering and IT, product and fashion design, architecture and law.
"New technologies are driving the rapid pace of change in most sectors and this calls for new kinds of creative and adaptable thinking," Dr Le Hunte said.
She said the BCII anticipates a future characterised by increasing change and demands graduates experiment with novel methods from across the disciplines.
"Visa is investing in the future by investing in the people who will fuel it – our students. There's no reason why brilliant ideas cannot incubate in the academy as well as in our industries."
On the students' side, they were given the opportunity to work with Visa's Senior Director, Global Design Innovation, Ken Sippola, who flew in from Silicon Valley for the workshop, and Director, Card Design & Standards, Teresa Hui, who travelled from Singapore.
In her feedback on the day, communications student Jessie Schilling said, "I was inspired by the willingness of Visa to pose such a challenging concept – the future of transactions – to young people like us.
"I hope many more companies will follow suit, drawing on the future generation to source innovative ideas when attempting to combat convergence in society.
"I greatly valued the dedication of Ken and others, who were all genuine and responsive when engaging with our ideas and questions," Jessie said.
Dr Le Hunte said collaborations such as this with major industry partners were essential to give students real, practical experience in generating creative and effective solutions in a wide range of business settings.
"Industry engagement begins from the first subject in the first year of the BCII and industry fascination with the BCII has been strong, demonstrating that this course is 'fit for purpose'– indeed, there's a voracious appetite for the type of material we're covering in the BCII," she said.
See more about the workshop in this Visa and UTS design workshop video recap:
- Global payments technology company Visa is partnering with UTS to explore the future of wearable technology
- The partnership began with a recent workshop challenging 40 Bachelor of Creative Intelligence and Innovation students to imagine new ways Australians could pay as wearables and connected devices transform everyday life