Home IoT News The Internet of Payments using Internet of Things (IoT) Technology
The Internet of Payments using Internet of Things (IoT) Technology

The Internet of Payments using Internet of Things (IoT) Technology

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The rumors that have been around for decades are now becoming possible, thanks to the “Internet of Things.” And, the Internet of Things is also now empowering the “Internet of Payments.” Today, we don’t have to run across cash counters to make the payment. We can pay for the things we purchase or services we use with a tap of a button on our smartphones, smartwatch, or even cars. How cool is that!

Everything is getting easier with the introduction of the Internet of Payment. We don’t have to wait hours in banks to cash our cheque, run across departments to pay our mortgage and bills. Any device connected to the internet can be used as a payment source. Even refrigerators can be used to purchase online groceries.

Isn’t it great! Now we can control everything with a tap of a button on our smartphones. Using the phone to control the temperature of thermostat seemed cool, but that was just scratching the surface of IoT possibilities. Now we can control almost every electronic and digital device with our phones. We are at the dawn of the 21at century, where refrigerators can be automated to order groceries, drones are used for security, and mobile devices are used to make necessary payments.

PC Mag has even stated Paypal is looking forward to staying ahead of the game by becoming the Operating System for the Internet of Payment. Paypal has launched something called Paypal Commerce; this innovative system embeds a button across the third-party applications. This will ease the buying cycle of the customers, and prevent them from thinking “what if.” With this feature, customers will make fast decisions, enabling companies to improve their sales shortly. Besides, Paypal prevents users from entering their information on third-party websites making purchase safe and secure.

According to Aunkur Arya, the General Manager at Mobile at Braintree, “The problem we’re trying to solve is, there’s a fundamental shift in how e-commerce is being conducted. Because you have so much engagement in social messaging platforms, the messaging players are trying to become the OS (operating system) now. The experience is starting to shift from the search model to buying something wherever you are on mobile.”

Companies like Mastercard, Visa, and American Express are also looking forward towards the Internet of Payment through Paypal. This will surely change the way we make purchases, and ease the overall process.

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