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IoT for the Summer: Seamless ways to pay, anywhere you go

IoT payment terminal
Summer-IoT-Pay-Anywhere-Mobile-Main
IoT payment terminal
August 30, 2016

by

Theresa Bui

These days, “traveling light” means more than just packing less; it means you no longer need to carry unsafe wads of travelers checks and cash on your end-of-the-summer outings and vacations. With wireless payment systems and mobile payment technologies available worldwide, you can pay for everything using only plastic or your smartphone.

While this type of fintech is becoming commonplace, it’s only the beginning, thanks to the Internet of Things (IoT). Our latest infographic spotlights six ways IoT connected services help simplify your summer –and handling payments is a key part of that.

IoT payment terminal

Accelerating cashless experiences

Paying with credit cards used to be slow, requiring a store owner or vendor to call the bank to verify your purchase. That wasn’t a good experience for either side. Wireless connectivity transformed things so much we can barely remember any other way – but it takes some real work behind the scenes to keep everything running smoothly.

Companies relying on reliable wireless payment transactions need to ensure their connected point of sale systems are always online and working properly. Imagine having to do this for thousands of devices across a global chain of stores.

To stay on top of everything, many businesses leverage an IoT cloud platform, which gives them 24/7 visibility into every device, and remote diagnostics to find and fix problems quickly. They can also fine-tune settings for a single connected device, and then use automation to rapidly scale for tens of thousands of payment devices worldwide. It’s a powerful way for businesses to save money, while growing revenue by more efficiently serving customers.

Don’t just pay from anywhere, pay from anything

Eventually, nearly any connected device could have embedded technology for making secure payments. That means your car, home automation system, even your smart watch could handle your payments. Imagine tapping buttons on a single mobile app to lock your front door and pay your mortgage. Or pay for gas and parking right from the dash of your connected car.

Major players in the payment space such as Visa, MasterCard, and PayPal, are quick to recognize the commerce potential of IoT. They’re rolling out platforms that make it easier for tech companies to integrate payment functionality into a limitless range of connected objects.

In other words, the age-old tale of refrigerators tracking your food, and automatically ordering and paying for milk and eggs before you run out might actually be reality.

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