A world ruled by mobile payments, digital or e-wallets, biometrics and smart devices – we are living in the future that was only a dream a couple of decades ago stated Bahaa Abdul Hussein. Today, more than half the payments the world’s population makes take place online with digital wallets. A key area that is growing at an exponential rate is the integration of e-wallets with IoT (Internet of Things) devices.
At the heart of it, IoT encompasses the collective network of connected devices and the tech that helps them communicate with each other, with the cloud and also other devices. It is now possible to order pizza through your smart speakers or purchase digital music from within your cars. Our modern life revolves around such smart devices who make use of biometrics like facial, fingerprint and iris scanning to perform various functions and also approve payments made from them digitally.
IoT payments are growing fast and have dynamically shifted the way we approach payments in daily life. We’ve gone truly cashless, without the need to carry cash or credit cards.
Proliferation of smart devices
Our lives today center around our smart TVs, smart speakers, smart refrigerators, cars, showers, locks, smart watches and other wearables. Google Home Voice Controller and Amazon Echo Plus Voice Controller have become our best friends. This has led to an increase in the amount of digital payments made via e-wallets from these IoT gadgets.
Futuristic ease
The ease of access and contactless payment function of digital wallets cannot be matched by traditional modes of payment. You might forget your wallet at home but you’ll always have your smart watch on you. A few taps of buttons helps you finish your transaction and shop without any hassle whatsoever. IoT payments are truly the future of humanity.
Secure payment solutions
IoT devices are evolving every day and making use of highly effective security features in order to win the trust of more consumers. Many devices also make use of biometric verification to save time and effort. Fingerprint, facial and voice detection is being used in more and more smart devices to authorize payments.
Efficient technologies
In the next year, more than 2.5 billion users are said to be using smart home devices that have digital payment methods enabled on them. This number is only expected to climb as the tech-savvy younger generation grows up and purely smart devices favored by them become commonplace.
The synergy between IoT devices and e-wallets is indeed paving the way for the future of technology. The blog has been authored by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com
