Innovation in payments -- Payments enabled smart screens
In today's world, technology surrounds everyone in one or the other way, so it might not be completely incorrect to say that it is technology that is making us 'smart.'
Almost everyone has heard of smart phones, smart cities, and smart homes. The cell phone and PC connections to the Internet have been there for many years now, but today we see many other physical devices connected to the Internet; this is known as the Internet of things (IoT). Improved wireless technology, increased usage of smartphones, low-cost sensors, and such trends are fueling the way IoT brings disruptions across various domains.
Today, most consumers have shifted to online platforms because of the ease and convenience offered. IoT can be leveraged to entice the consumers back into the shopping streets.
The screens in malls, streets, airports, and others playing the usual advertisements fail to engage today's consumers, so there is a need to engage better. But how? The answer is 'connected screens.'
These screens engage customers via near-field communication (NFC) and can be installed in stores, street joints, shopping centers, metro stations, airports, etc. These screens have the potential to become a new point of sale (POS) 24/7, so market players are trying to provide a mix of payments and connected screens. This definitely will be a smooth experience for customers. While waiting for a bus or a train, they can get interested in a promotion or offer on the screen, walk to the screen, select the product, and make the payment via contactless cards or mobile wallets, which is smarter, quicker, simpler, and as secure as in any physical store. Payments-enabled connected screens allow the consumers to pay for goods and services easily.
There are many instances available in the industry which have showcased and tested the usage of payments-enabled connected screens. At Gatwick airport, Tesco had launched interactive screens (based on barcodes), where the travelers could shop for products and get the same delivered at their door step when they are back. Along similar lines, charitable organizations have collected charity from people through connected screens that allowed people to make donations instantly by tapping their NFC card or connected devices on the screen.
The growth of IoT, contactless payments (NFC), and increased emphasis on customer engagement are empowering the adoption and deployment of connected technologies. Payments-enabled connected screens are just one area. We should be all set for a wide-scale deployment across the world in the coming two years.