Use of connected devices and applications of smart sensors are exploding and are changing or about to change virtually every aspect of our lives. Traditional industries are being transformed right before our eyes in ways we never imaged. The Internet of Things is a game changer for life as we know it and businesses are jumping in.
IoT devices are being used in the home to manage energy, security, lighting and appliances. Factories are optimizing operations and costs through predictive maintenance. Cities are controlling traffic and applying IoT for public safety. Logistics companies are tracking shipments and optimizing routes. Restaurants are ensuring food safety in fridges and deep fryers, retailer are deploying smart digital signage and implementing advanced payment systems. And I’m blown away by how “smart” our vehicles are getting, including driving themselves. The list goes on and on…
Cisco Internet Business Solutions Group predicts:
“50 billion connected devices by 2020”
The impact to the world economy will be simply enormous. According to McKinsey Global Institute: Linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.
“The IoT is projected to deliver $11 trillion in economic value by 2025.”
Telus understands how much of an opportunity M2M and IoT is for their business customers and have created an IoT marketplace to help businesses leverage connected devices to decrease costs, increase revenue, and monitor resources. Telus has demonstrated that they understand where things are headed through their significant commitments to IoT. SmoothPay is pleased to be a partner solution available to Telus business customers through https://iot.telus.com.
In our business, we process retail payment and loyalty transactions through POS integrated scanners across our network of merchants. We also have a fleet of SmoothPay terminals deployed that wirelessly facilitate payment and loyalty transactions using data-enabled SIM cards. Our consumer product works with smartphones and wearables and we have other innovative technology in the labs that will be seen in future iterations of our solutions.
SmoothPay is not alone in payment innovation for the IoT. This year’s Consumer Electronics Show featured countless connected appliances, including a fridge from Samsung that allows you to buy your groceries from home. Earlier this year Visa expanded its Visa Ready Program to certify and secure payment experiences for the Internet of Things. As we transition to a more “cashless society” payments through devices, wearables, and appliances will become common place.
In 1990, Xerox PARC’s Mark Weiser stated:
“specialized elements of hardware and software, connected by wires, radio waves and infrared, will be so ubiquitous that no one will notice their presence.”
This ‘connected revolution’ that Weiser predicted is well underway, and it will become critical to the success of businesses in all sectors that the vast capabilities of these technologies are properly leveraged to deliver new value to their customers.
Brian Deck is CEO and Co-Founder of SmoothPayment Inc.
The SmoothPay platform powers branded apps that combine payment and loyalty (similar to the Starbucks app) for the consumer, while giving the business the means to improve their sales and operations by more effectively engaging their customers.