IoT payments are the wave of the future when it comes to exchanging currency. According to LetsTalkPayments.com, new apps, operating systems, and hardware are being developed to accommodate this trend: "Internet of Things is attractive for fintech, not only for software and hardware developers, but also for banks and other FinTech companies to enable innovative payment experiences and provide wide range of methods to accept payments using NFC chips, payment apps, sensors, tracking devices, etc."
Indeed, Visa, MasterCard, American Express, and other credit card and banking companies are all jumping on the bandwagon, racing to implement Internet of Things payment services. In particular, they are targeting wearable and carry-able devices, such as watches and key chains, thus appealing to costumers' senses of fashion and sleek design. For example, an October, 2015, article in Mobile Payments Today states that "MasterCard announced at the Money20/20 conference in Las Vegas that its initial partners in this endeavor include fashion designer Adam Selman, automotive giant General Motors, wearable technology company Nymi, smart jewelry company Ringly and Bluetooth locator TrackR."
Beyond fashion, safety and security are key benefits of the new technology. According to an August, 2015, blog on Transfirst.com, "In the payment space, the Internet of Things is evident in digital wallets that securely store a user’s payment information and passwords, enabling consumers to use an electronic device to make transactions." Such devices will keep passwords secure while their owners carry their "digital wallets" on their wrists and in their purses and briefcases.
So get ready to join the wave of the future with IoT payments. You will join a growing number of businesses accepting payments from wearables, garments, motor vehicles, and mobile devices.
Netclearance offers a complete portfolio of IoT gateways and end devices to implement your IoT payment strategy. Contact us to learn more.