How the Internet of Things is Changing Payment Technology


The Internet is constantly changing the way we are able to pay for things. Through what is known as the Internet of Things (IoT), more and more payment options are becoming available to people worldwide. According to TransFirstIoT payments are revolutionizing the ways in which we are able to process monetary transactions, from digital wallets to other payment methods, such as cryptocurrencies.

What is the Internet of Things?

The IoT is still a relatively new concept. Because of this, a lot of people are unfamiliar with its nature and implications. "Internet of Things" refers to the way billions of different types of devices around the world are connected via internet. This includes devices like smartphones, computers, cars, cash registers, and even industrial machinery. Each of these 'things' is but a small component of the larger Internet of Things, through which countless amounts of data are shared and transferred. According to Forbes, the number of devices worldwide that comprise the IoT will climb as high as 26 billion by 2020.

How can the Internet of Things be integrated into payment technology?

Cash and checks are slowly giving way to digital forms of currency, facilitated by debit and credit cards. Even these latter forms of payment are beginning to make room for other forms of virtual currency, in which devices such as smartphones and smartwatches are connected directly to bank accounts, capable of sharing payment information with other devices for payment transactions.

Each of the devices involved in payment transactions are part of the IoT, communicating simultaneously with each other and with banks through Bluetooth and the internet. At Netclearance, we are proud to provide our clients with the cutting edge of IoT payment technologies. Our mBeaconPay platform is specially designed to integrate with the IoT, working seamlessly with wireless proximity technologies such as mobile devices and cash registers, allowing for simple and efficient transactions.

The Internet of Things is constantly growing to encompass more and more devices worldwide. Contact us to learn how Netclearance can help your business tap in to the IoT.