Payment Technology: IoT Will Be the Common Language


Stating that digital transformation in the business world has jumped with the Internet of Things (IoT), Paynet CMO Serra Yılmaz: “Machines started talking among themselves and all collecting companies have to learn this new language!”

The Internet of Things has made smart devices the newest inhabitants of the Internet. This huge communication network, starting with smartphones and extending to wearable technologies and everyday items, is expected to cover between 20 and 40 billion machines in a few years. Paynet CMO Serra Yılmaz noted that the ability of machines to communicate with each other without the need for people creates new horizons in many areas, especially in FinTech and payment technologies, and that companies that want to jump into the age of digital transformation have to keep up with the trend of the Internet of Things.

Stating that machines have learned to talk among themselves thanks to IoT, Yılmaz said, “With the Internet of Things, a common language is formed for smart phones, wearable technologies and even smart cars. All these smart devices started to communicate with each other over the internet. We will see the game-changing effects of this great revolution in digital transformation after ERP and cloud much more clearly in the coming years. " he explained.

Yilmaz pointed out that tomorrow's payment trends will be shaped according to the expectations of the millennium and generation Z, and emphasized that companies aiming for the future in digital transformation should meet with IoT-supported solutions today.

Smartphones become a collection device thanks to IoT

Expressing that smart phones act as a center for the Internet of Things thanks to their advanced communication and display technologies, Serra Yılmaz reminded that thanks to the new generation digital transformation solutions, these devices can be used not only when making payments but also when receiving payments.

With the power of IoT, among the services that accelerate digital transformation for businesses, Paynet CepPOS application, which transforms smart phones into mobile collection devices, draws attention. Paynet CepPOS, which can make payments using only the technologies of the smart phone, eliminates the need to use a separate POS device to receive payments from credit or debit cards.

Businesses using CepPOS, which is compatible with the cards of all banks, save companies the trouble of making agreements with each bank one by one. Working with the Paynet Payment Services infrastructure, licensed by the CBRT and has a PCI-DSS level 1 certificate, CepPOS allows the payment to be completed easily by using the card scanning and contactless transaction functions of the smartphone as well as manual data entry.

With the Internet of Things, which takes efficiency and diversity in financial technologies to a new level, communication methods of smart devices can be used to provide consumers with a smoother and richer shopping experience. NFC and contactless payment features, which are becoming widespread in line with the IoT trend, make it easier to make payments in stores with smart phones or other smart devices. Built-in security features such as facial recognition and fingerprint authentication in new generation devices ensure that each payment is made much more effortless. - Hibya

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