It’s no longer a secret that the Internet of Things is the next big thing in the digital payments industry. This revolutionary technology allows consumers to access the internet from many different devices, notably personal assistants, refrigerators, microwaves and washing machines. Consumers can also initiate digital transactions from these devices, making their lives significantly easier.
Recently, in a Payments on Fire podcast with Glenbrook Partners, Tim Sherwin, Chief Executive Officer at Cardinal, sat down with George Peabody to discuss the Internet of Things and some other notable developments in the digital commerce world. In the podcast, they discussed the current digital payments landscape, how the introduction of the new 3-D Secure specifications will affect this landscape, how these new specifications can help secure the Internet of Things and much more.
The Internet of Things has seemingly limitless capabilities, but there are still notable security concerns. Recently, hackers have begun targeting Internet of Things devices because of these issues. This is a serious problem, especially because, in this new landscape, these devices will always be inter-connected on a network with various other devices. If a cybercriminal hacks into one device, they can gain access to all other devices on that same network.
For consumers, merchants and issuers, there are also some questions about how to optimize the payments process. Currently, if a consumer is using a mobile phone or a desktop browser, a merchant, if necessary, can require additional authentication, in the form of a one-time password. For merchants, it’s harder to control that process when consumers are initiating transactions from their voice-controlled personal assistants, or other connected devices.
If you want to learn more about the Internet of Things, 3-D Secure 2.0 and Cardinal, you can listen to the podcast here.
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