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Tech

[News] IoT Based Payments : Redefining The World Of Finance

2019-09-04 14:05:12
10215 93

Hi !!!

Mi Community
I am back with yet another informative post, This time we will distrupt the world of finance with the help of IoT based payment system.

Introduction


  • IoT is a shorthand version of Internet of Things
  • The world of finance has, for long, been benefiting from applications of digital technologies like analytics, AI, and recently, blockchain.
  • The use of analytics has aided banks with analysis and insights to inform decisions by processing large volumes of data.
  • AI is being used in finance to build upon analytics and enhance areas like wealth management and customer support.
  • IoT technology is set to become the latest addition to the list of technologies that can redefine finance.
  • And the most obvious application for the technology is in the area of payments.

How IoT In Payments Can Redefine Payments?

Increased convenience
  • Wearable devices and smartphones have become very common among the mainstream public in developed as well as developing country.
  • And among the many functions served by these wearables, digital payments is possibly the most revolutionary one.
  • The ability to pay through wearables is making physical wallets and cash irrelevent.
  • This means that people no longer have to go through the hassle of maintaining hard cash, counting it in public places, and keeping it safe from loss or damage.
  • All their money can be carried digitally as an increasing number of businesses as well as government agencies (e.g., utilities, tax departments, etc.) are accepting digital modes of payments through IoT enabled payment.


Enhanced Security
  • In addition to making transactions much faster and convenient, the use of IoT in payments also enhances the security of transactions and money.
  • IoT can be used to implement multi-factor authentication such as fingerprint scanning to ensure the legitimacy of transactions.
  • These verification procedures can be carried out quickly yet accurately, thus finding that perfect balance between convenience with security.


Improved Recording
  • With more and more money being transferred digitally through IoT, the use of physical cash in undocumented ways can be minimized and eventually, eliminated.
  • This can potentially enable governments to calculate and collect taxes wherever applicable, as digital transactions can be easily monitored, recorded, and traced.
  • This can minimize financial malpractices such as money laundering and forging of accounting data, and also aid in resolving any potential buyer-seller disputes.


Conclusion
Thus, the use of IoT in payments can not just help the persons in financial transactions, but also the financial regulators, by expediting the global push towards creating cashless economies. And in the process of digitizing finance and encouraging more and more people to go fully cashless, the introduction of IoT in payments can also take us toward cashless country.

Source 1,2
Hope You All Like This Post, Do Tell Me Your Opinion Regarding Cashless Transaction and Internet of Things


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2019-09-04 14:05:12
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Grandmaster Bunny

Centurions | from Redmi Note 5 Pro

#1

good to know
2019-09-04 16:24:11

Master Bunny

Mi sumi | from Redmi 6

#2

thanks for the information.
2019-09-04 18:28:56

Master Bunny

kssrao1308 | from Redmi Y2

#3

Very informative share.
2019-09-04 18:47:30
Thanks for sharing

2019-09-04 21:10:37

Master Bunny

GANESH ARYANS | from Redmi 4A

#5

thanks
2019-09-05 03:00:11

Semi Pro Bunny

rDx19 | from Redmi K20 Pro

#6

Fingers crossed
2019-09-05 13:15:21

Semi Pro Bunny

M S S Jagadeesh | from Redmi K20 Pro

#7

thanks for the information
2019-09-07 00:34:59

Semi Pro Bunny

Mr Perfect 888 | from Redmi K20 Pro

#8

financial information
2019-09-08 03:12:07

Pro Bunny

just_aki | from Redmi 7

#9

nice information
2019-09-16 01:56:12

Device team

VaSu Gupta | from MI MAX 2

#10

Thanks for sharing this valuable information
2019-09-16 02:14:34
Mi Community Device Team
RN7Pro | Mi Max 2 | Mi A1
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