Connected screens are revolutionizing payments
Photo courtesy of Ingenico.
By Chris Tyghe, Vice President, Strategic Development, Ingenico Group Canada
The Internet of Things (IoT) has been a topic of discussion for the past few years, and the nature of its applications has evolved over time. According to a report by Gartner, the IoT will grow to 26 billion units installed by 2020. This report also highlights that the IoT product and service suppliers will generate revenue exceeding $300 billion by the same year.
But where do payments come into the picture?
With IoT becoming an integral part of our daily tech consumption, payments are also being increasingly integrated into the overall experience. Today, consumers around the world are used to seeing large color displays with information that is relevant to them. On some occasions, they are able to interact with the screen via a call-to-action, either by scanning a QR code or texting a number to receive a coupon.
There are numerous use cases for payment-enabled connected screens, such as for charitable organizations. With this solution, charities can deploy their connected screens in high-traffic locations, such as malls or street corners, and enable people to donate by simply tapping their contactless credit cards, mobile wallets or smart watches on the screen. This technology was developed to bring new consumer experiences to market that capitalize on impulse shopping by removing existing levels of friction from the buying process.
NFC/contactless-enabled connected screens are perfect for brands and merchants to create new points of interaction with consumers. And here’s why:
- Impulse: Historically, digital out-of-home (DOOH) advertising has worked to capture the attention of viewers for 3-5 seconds, but has failed to convert a significant number of sales. This is where connected screens can succeed – they enable merchants to quickly convert the 3-5 seconds of interaction into a transaction.
- Frictionless: The transaction process on a connected screen is completely seamless. Consumers walk up to the screen, select a product, and use an invisible payment method to complete the purchase. The transaction happens instantaneously, and the receipt can be emailed or texted to a mobile phone. If a consumer is presented with a list of preset donation amounts, they can easily select their desired number and pay using a contactless method.
- Minimal Setup: One of the key benefits of this solution is that it has a minimal setup. Once the screen is ready for use, it can be easily transported to other locations.
- Security: Payment security is extremely important to both merchants and consumers, and the contactless payment acceptance system takes care of that. All transactions made at these connected screens are just as secure as using a traditional payment terminals.
Connected screens have the potential to revolutionize digital signage by creating interactive experiences for consumers. It provides shoppers with the convenience of purchasing both physical and virtual goods with just a simple tap of their contactless card and/or mobile wallet.