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A Firm Says All The Shopping And Bill Paying Could Be Done By Smart Devices Everywhere Soon


10/20/2017


A Firm Says All The Shopping And Bill Paying Could Be Done By Smart Devices Everywhere Soon
There could be good news coming for those people who hate to do shopping and then standing in long queues to pay the shopping bills. According to the claims by one company, it would be possible for everyday devices will be making automatic "invisible" payments pretty soon.
 
The idea for such a solution for people intending to avoid queues for making payment is centered around smart devices. These are essentially household electronics or vehicles of everyday use which would be able to make payments on behalf of the owner or user for their needs and the owners or the users would not even have to ask the machines to do so. However, while there is a real promise in the idea, there are also major privacy and security concerns that are typically associated with such a technology.
 
For example, as Phil Pomford, general manager for the Asia-Pacific region at London-listed payment processing company Worldpay says, there can be problems with a re-imagining of the utility bill by the machines where "your devices, your television, your fridge, pays for electricity and negotiates electricity prices."
 
Pomford said earlier this week that by acting as agents on the consumer's behalf, smart devices will be able to make "invisible payments" as the so-called Internet of Things — the idea that every device will be digitally connected —comes to fruition.
 
"We're already seeing this with phones, but cars, household electronics like routers and TVs and even the buildings themselves will quickly become part of the payment ecosystem," he said.
 
However, for that to happen, it is first necessary that that all the devices that would get involved in the process to be connected to the internet and this is the first step to achieve the idea. According to Pomford, by 2020, Worldpay expects that number to reach 25 billion devices.
 
"If machines can offer consumers a concierge-style service that reduces day-to-day life admin and menial tasks, then there is no reason why [consumers] won't want to delegate some of their shopping responsibilities," Pomford said.
 
There are however a number of obstacles to achieving the first step because already there are a lot of concerns about data security and breaches of privacy for the technology of IoT even while the convenience can be very appealing to consumers. And hence customers trusting devices with their payments, and holding them back from embracing IoT due to those fears, acknowledges Worldpay.
 
"No matter if done by a human or machine, it is vital for consumers to remain in control when they're delegating payment tasks," Pomford said.
 
In a survey conducted Worldpay related to the acceptance of IoT, with 61 percent of consumers saying they would be comfortable with a device shopping on their behalf, consumers in China showed the highest confidence in IoT.
 
(Sououorce:www.cnbc.com)