IoT-enabled Payment Systems
Benefits of IoT-enabled payment systems
Enhanced efficiency
These payment systems have the capability to automate payment processes, making them simple, faster, and more efficient. There is no necessity for manual intervention, which saves time and reduces errors.
Enhanced security
IoT-enabled payment systems are more secure than traditional payment systems as they use encrypted data to authenticate transactions. This complicates the task of malicious hackers attempting to acquire financial information.
Cost-effective
By removing intermediaries and the requirement for manual processes, these systems reduce transaction costs.
Enhanced customer experience
IoT-enabled payment systems can provide customers with a flawless payment experience, making it simpler and more convenient to pay for products & services.
Examples of IoT-enabled payment systems in use
Amazon Go: It’s a retail store that employs IoT-enabled payment systems, allowing customers to buy products without having to follow a conventional checkout process. Buyers simply scan their Amazon Go application when they enter the store, and the system automatically tracks what they take from the shelves. When they leave the store, the system charges their Amazon account for the items they took.
Mobile payments: Apple Pay and Google Pay employ IoT-enabled technology to streamline transactions between smartphones and terminals. Customers can use their mobile devices to make payments, eliminating the necessity for credit cards or cash.
Smart vending machines: Smart vending machines have IoT-enabled payment systems that include making payments using mobile devices or NFC or RFID. This simplifies and enhances the convenience of buying products from vending machines
