Commentary

A payment 'revolution': Connected screens

Chris Tyghe, vice president of strategic development at Ingenico Group Canada, discusses how payments will become an integral part of the IoT experience in the coming years.

Photo courtesy of Ingenico.

April 9, 2018

By Chris Tyghe, Vice President, Strategic Development, Ingenico Group Canada

26 billion units by 2020: That's the estimate by a Gartner report on the growth predicted for the Internet of Things in just the next two years. So where do payments come into this picture?

With IoT becoming an integral part of our daily tech consumption, payments are also being increasingly integrated into the overall experience. Today, consumers around the world are used to seeing large color displays with information that is relevant to them. On some occasions, they are able to interact with the screen via a call-to-action, either by scanning a QR code or texting a number to receive a coupon.

NFC/contactless-enabled connected screens are perfect for brands and merchants to create new points of interaction with consumers. And here’s why:

Impulse: Historically, digital out-of-home (DOOH) advertising has worked to capture the attention of viewers for 3-5 seconds, but has failed to convert a significant number of sales. This is where connected screens can succeed because they enable merchants to quickly convert the 3-5 seconds of interaction into a transaction.
Frictionless: The transaction process on a connected screen is completely seamless. Consumers walk up to the screen, select a product, and use an invisible payment method to complete the purchase. The transaction happens instantaneously, and the receipt can be emailed or texted to a mobile phone.
Minimal Setup: One of the key benefits of this solution is that it has a minimal setup. Once the screen is ready for use, it can be easily transported to other locations which poses real advantages for multi-unit chains.
Security: Restaurateurs may know better than most business owners that payment security is extremely important to both merchants and consumers, and the contactless payment acceptance system takes care of that. All transactions made at these connected screens are just as secure as using a traditional payment terminals.

Connected screens have the potential to revolutionize digital signage by creating interactive experiences for consumers. It provides diners with the convenience of purchasing both physical and virtual goods with just a simple tap of their contactless card and/or mobile wallet.

Photo: iStock