IoT which is known as Internet of Things has been a major point of discuss for the past few years, and there has been an evolvement in their nature of their application over time. According to Gartner’s report, the number of Iot installed will increase to 26 billion units by 2020. It has also being highlighted by this report that IoT products and service suppliers will generate revenue which will exceed $300billion by 2020.
But where does the payment find their way in?
Due to the fact that IoT has become an essential part of our daily technological consumption, payments are also integrated into the entire experience. Nowadays, the consumers around the world are used to viewing large color display which has relevant information. In some cases, they can easily interact with the screen with the aid of a call-to-action, either by scanning a QR code or texting a number so as to receive a coupon.
There are several examples for payment-enabled connected screens like that of charitable organizations. With the aid of this solution, charities can easily make use of their connected screens in a location with high traffic like street corners, malls, and also donate by tapping their contactless credit cards, smart watches or mobile watches. The aim of this technology is to develop a new consumer experience to the market which will capitalize on impulse shopping by removing the existing levels of friction from the process of buying.
Contactless-enabled connection screens are suitable for different kinds of brands as well as merchants to create new points of interaction with the consumers and these are the reason why:
Impulse: In history, the digital out-of-home advertising has worked to capture the attention of viewers for few seconds but has not been able to convert to sales. This is the main reason why connected screens can succeed; they enable merchants to quickly convert the interaction which took place within few seconds into a transaction.
Frictionless: The process of transaction on a connected screen is seamless. The consumer will just walk up to a screen and select a product and then complete the transaction with the aid of an invisible payment method. The transaction will happen immediately and the receipt can be texted or emailed to a mobile phone. If the list of present donation amount is shown to a consumer, they can also select the amount they desire and pay with the aid of contactless method.
Minimal Setup: One of the major benefit of this solution is that it require little setup. Immediately the screen is ready for usage, you can transport it from one location to another.
Security: Payment security is very essential to the consumer and merchant, and the contactless payment acceptance system ensures that is taken care of. All the transactions which are made at the connected screens are just like those which are made with the aid of traditional payment terminals.
The connected screens have a great ability to revolutionize digital signage through the creation of interactive experience for consumers. It likewise provides shoppers with the convenience of purchasing both physical as well as virtual goods by using their mobile wallet or contactless card.