Payments Blog

Things Buying Things: Future of the Internet of Things

The Internet of Things is already changing the way consumers buy products and services. With voice-controlled personal assistants, consumers can buy almost anything with a simple voice command.

The possibilities of this technology are well-documented but, unfortunately, so are the security risks.  These risks are why the Internet of Things is simultaneously exciting and terrifying. It has the capability to change the lives of consumers, but there’s also the possibility that it could do the same for cybercriminals.

But, consumers are generally excited because the Internet of Things has already given them access to the personal assistants, which have made it easier to initiate digital transactions. But this is just the beginning.

Today, when you run out of milk or laundry detergent, you either go to the store to pick up more or you order it online using your desktop, tablet or mobile phone. What if, the next time you run out of milk, you simply tell your refrigerator to order more, or when the same thing happens with your detergent, you ask the washing machine to do the same thing?

With the Internet of Things, this is the future. All of a given consumer’s connected devices can be vehicles for digital commerce, and can order anything at any time, which will only make life easier for the consumer.

Instead of opening a browser and initiating a transaction, hopping in a car or walking down the street to the store, consumers will simply have to tell these devices what they want to order. Most, if not all, of these devices will be voice-controlled, making the consumer’s job even easier.

All of this may seem far-fetched, but it’s not that far off. By 2020, some are estimating that American households will have an average of 50 Internet of Things devices.

While it may seem like a long shot, in many ways, we’re well on our way to that lofty number. There’s already a lot of interest in voice-controlled personal assistants, and there are many other connected devices that are either available right now, or that will be soon.

Today, there’s a voice-controlled thermostat available for consumers. There’s also a voice-controlled trash can on the way that will be able to keep inventory of what, specifically, a consumer has thrown away, and what they need to replace. In the next three years, there will be more of these types of devices hitting the market.

Once consumers begin to purchase these devices and use them, merchants will see an influx of orders initiated from refrigerators, washing machines, toasters and other connected devices. In this new environment, where things will be buying things, it’s going to be important for merchants to employ an effective authentication solution, so that they can differentiate between a trusted, legitimate consumer and a cybercriminal.

Cardinal Consumer Authentication (CCA) is one such solution. With CCA, merchants can effectively reduce fraud and false positives without adding any friction into the checkout process for the consumer. With One Connection to Cardinal, we can Drive your Digital Commerce.

Posted by CardinalCommerce

Welcome to the CardinalCommerce blog. Cardinal is a global leader in authenticating digital transactions, with One Connection to drive digital commerce. Our goal for this blog is to provide a platform that will inform and educate our Customers and partners on consumer authentication, payments, mobile commerce, solution design and big data.

Topics: Internet of Things

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