The Internet of Things (IoT) is being fueled by the growth of connected devices and consumer interest. According to a recent report from DHL, the number of connected devices being used is set to reach 50 billion by 2020. Consumers are becoming more tech savvy and expect technology to make things even simpler for them, and connected objects have already started making lives better. For example, consumers today are able to pair to their home’s smart thermostat with their phones to set a comfortable temperature before they even get home. With the help of smart pillboxes available in the market, users can track their progress and be alerted on their smart phones if they missed their medication. These connected devices are also set to change the way we pay for goods and services.
From cars to home automation products, and smart thermostats, almost any device has enormous potential to be equipped with payment capabilities. For example, smart watches today are enabling consumers to pay for goods with mobile wallets at businesses that are capable of accepting NFC/contactless payments and smart thermostats have the capability to enable automatic payments as opposed to sending out a traditional bill.
Other than the obvious advantage of convenience to consumers, IoT-powered devices can benefit merchants as well: