There is a steep growth in the IoT payments and mobile industry, and this calls forward a need to curate a back-end infrastructure in banking institutions. With the help of the back-end infrastructure, the banks can comfortably accommodate and diversify the payments which can be done via wearables, mobile devices, connected cars, smart fridges.
By the looks of it, the need for payment creates significant pressure points. The consumers are not going to be able to use the personalized account in banks if the services cannot be done on smartphones. And this also creates a scenario where the banks are not going to be able to leverage the people into differentiating themselves for creating revenue.
The account data and the number of payments will be deemed adequate if tokenization of the Internet of Things is not secure. Then these transactions are not going to be initiated from the mobile devices. On the other hand, if the smart fridges(the best-in-class example of the connected devices) are not going to enable payment, then they will not be supported in the back end of the bank’s infrastructure. And this will eventually make the issuer offering obsolete the moment the payments pave its path to become mainstream.
The infrastructure of the virtual cards and the existing cards are solely responsible to curate these services. Nevertheless, the legacy systems will be holding back the distributor by responding to ever-changing market conditions. A recent study suggests that around two-thirds of the banks are claiming that the infrastructure of their payments is going to need a massive upgrade.
The significant undertaking is making the issuers to understand and opt for the best possible way to bring forward a suitable approach. Internet of Things is changing the world faster than it was previously anticipated.
**This post was published on https://www.paymentssource.com
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