Usability And Security Key Considerations For Payments Via The IOT
The accelerated pace of tech advancements in mobile device technology have been supporting and facilitating the lives of on-the-go consumers more today than ever before. Whatever they need to do, right from checking out the weather forecast, social media post, send an email or text a friend, they have an app for them all.
With the increasing dependency on mobile, today’s consumers are adopting the mobile channel even to pay for utility bills, make purchases and transfer funds. Similarly, as the Internet of Things sees greater adoption, we can expect more payments emanating from connected devices. However, for the payments providers, usability and security must be the key areas to focus on.
Usability Must Be At The Centre Of Design ď ś Firstly, the financial institution would need to understand how the consumers are going to interact with them via the connected devices to respond contextually and create value for them. ď ś If they are interested in expanding services through the IoT then they must keep consumer choice and preference while deciding which capabilities they would deliver on a smartphone versus a smartwatch.
Usability Must Be At The Centre Of Design ď ś Similarly, a Mobile App Development Service Provider should use the same lens while developing applications for those connected devices.
Concept Of Layered Security Must Be Propelled ď ś When it comes to the IoT, it is important to create layered security, right from securing the device, apps on the device to the cloud as well. ď śTherefore, when you design and develop apps for connected devices, ask your Mobile App Development Company to ensure that the app developed as all the appropriate security protocols in place so that secure payment can be made via that app.
As the IoT provides more number of vulnerable points for security breaches to occur, it is very crucial to have multi-layers of security. This is because if one of the layers is breached then you must have other mechanisms to fall back on. For example, tokenization or biometrics could be leveraged for addressing the potential of fraud for transactions and identify legitimate transactions respectively.
ď ś In this article, we have expressed our views that usability and security should be the key considerations for payments initiated through the IOT. ď ś We would like to know about your views; please feel free to share if you think differently.
Originally posted by : https://goo.gl/0Twyby
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