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IoT is the acronym for Internet of Things and it refers to collection of connected devices, which not only connect with one another, but also with centralized services to exchange data among them. Effectively employed IoT has huge potential to interconnect and monetise the media industry and broadcast, as well as applications in science, education, engineering, manufacturing, cyber security, telecom, healthcare industries and many other sectors. Even there is no exception that (Internet of Things) IoT brings drastic revolution to the entire ecommerce industry for providing greater value to their customers. Each of the connected devices are able to perform a single and a common function i.e. automation, which includes recording, transmission and receiving data with the aim to go with informed decisions.
Payment gateway refers to an Ecommerce payment service responsible to authorize payments made by using bank transfer, debit card and credit card. Shoppers use payment gateways while making online purchase, according to which they transact the amount from their bank accounts to the bank account of the respective merchant.
While conducting a worldwide survey on more than 2,500 consumers to know their experiences related to online shopping, a large number of individuals have shown strong interest for the launch of innovative options associated with the entire Ecommerce industry. About two-thirds of the population said that they would use the modern IoT devices to accomplish easy and fast shopping, while three-fourth people said that they want the implementation of innovative payment methods.
Particularly, Internet of Things have brought drastic revolution based on its integration with payment modes, about which you may understand well based on following examples-
Both of these have become possible based on the concept of machine learning, which indicates that a device is able to learn as well as adapt to the specific requirements of individuals. Even the smart electronic devices are able to monitor different aspects associated with our own life and give valuable recommendations for things, which we want to do or purchase.
The best part of smart IoT-operated devices is that they have replaced plastic cards, say debit cards and credit cards with cashless payment options, so that we can place order of our required products and services in accordance to our specific requirements. Based on this, today, you will find a large number of top payment processors have involved in the delivery of IoT payment gateway solutions. Especially, most of the payment gateways have collaborated with reputed technological groups, so that both online merchants and users get opportunity for processing of payments via reputed firms in the form of online payment providers, while simultaneously, allow gaining advantage of the drastic growth in IoT.
In the year 2016, PayPal online payment gateway/processor launched its beta platform associated with its PayPal Ecommerce platform. Accordingly, the system benefitted online merchants based on the insert of ‘Buy’ buttons on varieties of third-party applications. On the other hand, users are able to make purchases in no time by using any of the IoT devices via reliable PayPal payment gateway.
Before Paypal, in the year 2015, Ingenico online payment processing group of France collaborated with Intel, the American microprocessor manufacturer to launch a secured payment authorized system to operate via Intel’s Atom processors.
The collaboration aimed to highlight the way, in which IoT solutions of Ingenico will help in smooth transaction on almost every type of IoT activated device, while simultaneously, to create a secured connection with Ingenico’s software to transmit data
In simple words, the collaborated groups i.e. Ingenico and Intel are putting efforts to bridge the gap in security and retail experience, while simultaneously, assure about easy management and deployment of devices to avoid any burden for online merchants.
Amazon Alexa and other similar digital assistants help users in placing orders without using their cards, watch or phone; instead by using their voice. Accordingly, a large number of users have placed orders of their favorite products from Amazon Prime by communicating from Alexa without any requirement to mention their credit card details. Even in case users have recorded information with any other retailer supported by Alexa, they can make purchases from such websites in a hassle-free way.
Amazon has opened its first branch of Amazon Go in Seattle to allow its shoppers in bypassing the payment procedure completely based on camera devices and sensors combined with machine learning technique. Hence, Amazon Go shoppers only have to install the respective app in their phone devices to select any item and shop it.
Until now, ecommerce companies and business organizations have found a pool of opportunities associated with IoT Payment Gateways. These include-
Since online shoppers entrust valuable pieces of information and key financial details to IoT enabled devices, everyone is bound to deal with the data in a careful way. Accordingly, we should understand what the system and where the system will use our shared financial details while we enter it. On the other side, manufacturers of IoT devices should incorporate robust security in combination with encryption features in such devices.
Applications using our data should authenticate the identities to make sure about authorized payments, while payment processors should guarantee for genuine yet secured transactions. In an essence, maintaining consumer confidence is essential to gain and retain trust from consumers towards IoT devices.
IoT devices and IoT payment gateways are consistently increasing with automation is playing a significant role in our lives. Robust security and protected/encrypted financial details are two major factors create trust from customers. Only, if payment gateways and other technological giants deal with identity protection and related security issues successfully, everyone will get opportunities in near future.
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