By Joe McKendrick in Forbes: “The Internet of Things (IoT) may mean more than simply having devices and machines talking to each other. It potentially represents a profound shift affecting the way businesses and society operate. At this point, we’re only just starting to grasp the implications these new technologies will have.” Full article.
VentureBeat’s Chris O’Brien interviewed publisher Tim O’Reilly about the impact of the IoT. There are a number of great insights in the story including this one:
He (O’Reilly) said Uber is also disrupting payments, more so even than much hyped services like Apple Pay. With Apple Pay, you replace one payment device (a credit card) with another payment device (a smartphone or Apple Watch).
“But with Uber, once the service is booked, payment just happens when it’s over — no need for another action by consumers. O’Reilly sees a day when connected gadgets allow for payment systems where stores and machines simply recognize people and conduct a whole transaction automatically.
“What Uber is doing with payments may be more important in the long run than Apple Pay,” O’Reilly said. “Apple Pay re-creates the old workflow, just with a new device. It would be revolutionary to say we don’t need that at all.”
See O’Brien’s full coverage of the interview here.
Wearable Devices Preferred Over Mobile Phones for In-Store Payments
eMarket.com, March 3, 2015
Mobile payments aren’t a new concept, but most chatter has focused on the usage of mobile phones to purchase items. However, based on December 2014 polling by Stratos, wearables can’t be left out of the conversation. Among US smartphone owners, more than two-thirds said they would prefer to use a wearable device over a mobile phone to make in-store payments.
See more at: eMarketer.com
FitPay is a proprietary technology platform that adds contactless payment capabilities to wearable and IoT devices with very little start-up time, no investment in software development and access to the leading card networks. With payment capabilities powered by FitPay, IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in a competitive marketplace.
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