How The Internet Of Things Is Becoming The Internet Of Payments

Clarissa Wilson

The future is here. The "Internet of Things" is now becoming the "Internet of Payments." This means that, although this has been talked about for as long as 10 years or more now, thanks to MasterCard, we can make payments for things with a swipe of the wrist or a tap of a button on our smartphone, smartwatch, or even smart car.

According to Mashable, making payments for the things we buy or the services we use with our smartphone, smartwatch, or smart car, is safe and secure. Not only is it safe, but paying for things with something like eCash is also convenient. No more having to rush to the bank and hoping it is open so you can make a car payment, mortgage payment, or any other bill you have. Of course, we do have ATMs but the Internet of Payments can be used on any device that is connected to the internet. There is even a refrigerator available now that allows you to order groceries from the comfort of your home. How awesome is that?

Think about it for a minute. Maybe you have always wanted to control everything around you with your phone, watch, or whatever smart device you have. Maybe you can already control your thermostat with your phone. That is just scratching the surface of the possibilities, and what is happening now with smart devices. We are getting closer and closer to being able to control anything with a tap of the phone or watch. If you can already order your groceries from your refrigerator without leaving the house, standing in long lines, and paying for it with cash, credit, or debit, then you're with the 21st Century now. This is the Internet of Things. This is the Internet of Payments. This is awesome!

According to PC Mag, Paypal is even getting in on the action. They want to be the OS behind the Internet of Payments. In fact, earlier this year, Paypal launched something called, Paypal Commerce. Paypal Commerce is a way to embed a buy button across third-party apps. Paypal Commerce is working with retailers and merchants to provide them with a way to sell on mobile apps without even having to go to their website using embeddable buy buttons. What is great about this, is that when using the embedded buy button on any device or app, you don't have to input any personal information to pay for the item or service you are buying. That is what makes it so safe and secure.

Another article from PC Mag says that using the Internet of Payments by paying for things on a smart device or third-party app will not require you to open up your wallet to get your credit card out anymore.

MasterCard isn't the only company that is going to the Internet of Payments with Paypal, because American Express and Visa are going right along with them. This is going to change the future and make things so much easier for everyone using this.

According to Aunkur Arya, the General Manager at Mobile at Braintree, which is Paypal's processing arm, this is the future of commerce.

"The problem we're trying to solve is, there's a fundamental shift in how e-commerce is being conducted. Because you have so much engagement in social messaging platforms, the messaging players are trying to become the OS (operating system) now. The experience is starting to shift from the search model to buying something wherever you are on mobile."

[Photo by Sean Gallup/Getty Images]