Usability And Security – Key Considerations For Payments Via The IOT

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Usability And Security Key Considerations For
Payments Via The IOT
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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.
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With the increasing dependency on mobile, todays
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.
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Usability Must Be At The Centre Of Design

• 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.
• 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.

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Usability Must Be At The Centre Of Design

• Similarly, a Mobile App Development Service
  Provider should use the same lens while
  developing applications for those connected
  devices.

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Concept Of Layered Security Must Be Propelled

• 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.
• Therefore, 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.

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• 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.

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• In this article, we have expressed our views
  that usability and security should be the key
  considerations for payments initiated through the
  IOT.
• 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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