4 Ways The Internet of Things (IoT) is Changing Payments

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While its use is still not as common as the simple swipe of a credit card, the adoption of mobile payments may seem like its wheels are spinning in the mud. However, companies are already developing smart technologies far beyond the simple mobile payments feature on our smartphones and are becoming integrated into the Internet of Things (IoT). Welcome to the future―this is how you will begin to pay for things.

1. Selfie Pay:


Although it may sound like a cheap marketing stunt aimed at connecting with millennials, the truth is, it’s actually a viable venture. Selfie Pay is brought to you by MasterCard and it is almost exactly what it sounds likeusing your selfie to pay for things. Selfie Pay is actually a step into the next evolution of camera technology and security. Using facial recognition to authenticate a users’ identity, MasterCard plans to roll out this security feature throughout dozens of countries. Who would have thought a selfie could be so valuable?

2. Wearable Smart Devices:


Doesn’t it make sense to integrate payments into smart devices people are already wearing? MasterCard and Coin think so and it is why they plan to team up with a wide array of fitness bands, smartwatches, and other wearable devices. So far, they’re working with Atlas Wearables, a designer of advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of fashionable smartwatches.

3. Smart Refrigerator:

Grocery stores have changed quite a bit. While the store itself is still extremely useful and needed, many chains throughout the nation are beginning to allow customers to shop online and pick up their order at the store or designated pick-up area. Other services allow groceries to be delivered to your door and now Samsung allows you to shop directly from your refrigerator. Groceries by MasterCard’s first shopping app integrated into a refrigerator, Groceries by MasterCard connects consumers to leading grocers without ever having to leave their kitchen.

4. FordPay:

Ford is expanding into a new level of customer retention through brand loyalty. With this app, they seem to be transcending the traditional boundaries of what was once thought possible in the automotive industry. When our main mode of transportation begins to take care of our daily affairs through the perfect blend of human and artificial intelligence, the possibilities for continued growth for Ford are endless. And with the integration of FordPay for mobile payments, the payment feature only further illustrates Ford’s long-term vision for this app.