At Infosys Cards and Payments, we help our clients harness the power of technology-led innovation across the entire payments ecosystem encompassing payment networks, merchant services, stored value, FI payment services, and payment aggregators. Our thought leadership and a design thinking approach helps us co-create solutions with our clients to address their business problems.

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Internet of Things (IOT) - Beginning of an Connected World

Changing World:

Please take a short journey with me... It is a cold winter morning. You have got an important meeting in office. Based on your calendar watch updates new alarm time and wakes you up to be on-time. After fresh-up, Dirty clothes are added in the washing machine. Based on the alert from utility (electricity firm) on the expected hourly tariff for the day, washing machine self-selects the lowest tariff and washes the cloth and dries it up. You were in so much in hurry that forgot to switch-off lights, Smart lighting ensure lights are OFF when no-one is around. Vehicle is pre-started, heater is ON, route pre-selected (calculated based on real-time traffic data, climate) and ready to be driven.

On-the-way to office, you stopped by to drive-in restaurants, food was ready to pick-up and payment was done via your watch. Surprised!!!, You reached office ahead of estimated arrival time and delivered your key presentation with piece of mindJJ.  Welcome to the new "Connected World", that is going to take away most of the assumed in-efficiencies from your daily life...

"Internet of Things (IOT) - Beginning of an Connected World"

IOT in simple terms can be expressed as Connect "Things" (physical objects) to Digital World. IOT is slowly shaking other industries that were not part of the digital wave.

Key Components are -

·         "Things" such as wearable (shoes), electricity meters, farm land, Car etc;

·         "Connect" with the help of Telecom Network and short distance communication protocol - Bluetooth, ZigBee, RFID etc;

·         "Monitor/Control" with the help of Sensors, GPS, vehicle telematics etc control/monitor physical objects.

·         "Insight" - With the help of Big data / Analytics, create meaningful insights that can be consumed by firms to meet End-Consumers needs

Key drivers of IOT are

1)     ·         continuous standardization of hardware and software components resulting in lower prices

·         Need for efficiency in other sector

·         Increased focus on Mobility and Cloud computing

·         Matured Big Data /Analytics based solutions

Financial Institutions always were at the forefront of adopting new technology. Now firms are trying to leverage IOT. Consumer is surrounded by many physical objects and if payments are embedded on those objects and acts as per consumer wish and without using card/cash/smartphone, it will empower consumer. Having said this, a seamless experience will be a key success factor such as payment via wearable watch w/o any need to enter PIN repeatedly.  In this IOT journey, FI's will be able to understand their customer better, clearly segment them, will allow them to truly customized products for every consumers to reduce consumer churn, increase loyalty, coupled with improved efficiency, resulting in more top-line and bottom line and different brand experience.

 Gartner predicts Internet of Things installed base will grow to 26bn Units by 2020 and generate $1.9 trillion in global economic value-add. To bring IOT in mainstream, partners across the value chain, standard and easy integration and self-sustaining ecosystem to facilitate interaction between discrete objects from various manufacturers, service providers, aggregators, enterprises, without any privacy breach otherwise IOT may just become another buzzword without making any positive impact in our life..

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