Unconventional meets convenience: Wearables, IoT and Connected Home Payments

Thanks to advances in technology, transactions are no longer limited to cash in-hand at a stationary cash register. Today, with proper connectivity, almost any device can integrate payment acceptance meaning purchases can be made in some unconventional locations. Consumers have reacted positively to these payment methods, encouraging more day-to-day items to be fitted with payment capabilities.

 

Here are a few unconventional yet convenient ways payments are being integrated into everyday items: 

 

Wearables — Contactless payment has become a standard in some countries and on the rise in others. When integrated with normal accessories, payments are becoming more convenient for consumers. Watches, glasses, jewelry, clothing and more are getting fitted with contactless options, so shoppers have yet another alternative to carrying cash.

 

In-Car Payments — It’s not surprising that payment technology has made its way to vehicles. While automakers team up with card networks and retailers, they are enabling drivers to make purchases without leaving their cars. By integrating mobile wallets to dashboards or utilizing digital assistants, drivers will soon have more options for payments with the touch of a button.

 

Digital Assistants — Assistants such as Alexa, Siri, Cortana and others are aimed at being the heart of a user’s day-to-day activity. Engaging with users for shopping is a growing option making voice activated payments a trend on the rise. While there’s still work to be done, retailers will definitely start working more with digital assistants in the future, as they will act as personal shoppers, making recommendations and handling the ordering and payment of products.

 

Household Appliances — Standard household items are getting upgrades with more advanced technology. Through a simple internet connection, manufacturers are realizing that there’s no reason to limit the capabilities of items such as the refrigerator, to just storing food. Through IoT, our household items are communicating with our smartphones and even stores, in order to restock items. Connect homes are on the rise and more and more appliances will start integrating payment options.

 

Smart touchscreens / Mirrors — The customer experience is top of mind for all retailers. Making in-store shopping more convenient is a great way to ensure shopper satisfaction. Digital savvy retailers are incorporating touch screens in areas like changing room mirrors and store-front windows. This allows customers to make purchases right away while trying on clothes or while window shopping when a store is closed.

 

Convenience is a big factor for consumers when it comes to accepting new payment technology and trends. The Point of Sale is continuing to transform in order to keep up with the habits of shoppers and the sophisticated technology available.

 

Make sure your POS solution is utilizing the latest payment technology — visit www.payworks.com to learn more.

 

Written by Jana Riddick, Marketing & Communications Manager at Payworks
First published on Medium on 22-03-2018