Internet-connected devices are creating new opportunities for businesses and consumers to interact, and payment is a major use case that is expanding. For stakeholders looking to incorporate payments into their IoT devices, the Secure Technology Alliance has released a new resource to provide an overview of this market and provide guidance for developing secure IoT payment applications.
The white paper “IoT and Payments: Current Market Landscape,” was developed by the Secure Technology Alliance IoT Security Council and Payments Council and can be viewed at https://www.securetechalliance.org/publications-iot-and-payments-current-market-landscape/.
“While consumers demand the ability to make a payment wherever they are and with whatever device they’re using, they also want the transaction to be frictionless and secure. This demand creates a challenge for merchants, issuers, and acquirers,” said Randy Vanderhoof, executive director of the Secure Technology Alliance. “This resource provides guidance for those looking to leverage the traditional payments infrastructure for making secure transactions using internet-connected devices, such as wearables, connected cars or the connected home, that have been designed to improve the consumer experience.
This white paper:
- Describes some of the more prominent use cases and pilots of IoT payments, including smart homes, connected cars, and wearable devices
- Identifies potential security issues posed by the use of IoT devices for payments
- Provides considerations for implementing payments with IoT devices
Council members participating in the development of the white paper included: American Express; Cardtek; Consult Hyperion; CPI Card Group; Discover Financial Services; Entrust Datacard; G+D Mobile Security; Gemalto; GlobalPlatform; IDEMIA; Ingenico Group; IQ Devices; Mastercard; Metropolitan Transportation Commission (MTC); NextgenID; NXP Semiconductors; Rambus; and Underwriters Laboratories (UL).