Frictionless Payments Enabled by the Internet of Things

The COVID-19 pandemic was the catalyst that changed the way consumers interact with retailers. Retailers have responded by adopting new business models and working with new payment partners to provide customers with flexible options. However, these new models still present the challenges of payment fraud and the need to offer more frictionless options to improve customer experience and grow a loyal customer base.

Enter IoT payment models—retailers now have access to hundreds of IoT devices available in their stores, such as sensors, smart shelves, cameras with video analytics, computer vision, robots, and kiosks. It is estimated that there are currently over 3 billion IoT devices in service in the retail

Industry and this number is likely to grow exponentially over the next five years. With this growth, retailers have a new avenue to collect payments from customers.

The goal for consumers and retailers is to have a seamless omnichannel shopping experience that is completely frictionless. The use of IoT devices to make and collect payments goes a long way in enabling this experience, reducing costs/minimizing retailer losses, managing inventory, and growing customer loyalty.

This white paper focuses on this emerging segment within the payments market of using IoT devices to enable a secure and frictionless infrastructure for retail payments.

Fill out the form to download the Frictionless Payments Enabled by the Internet of Things white paper.

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