Journal of Advances in Developmental Research

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Exploring the Potential of Internet of Things (IoT) in Automating Payments

Author(s) Balaji Soundararajan
Country United States
Abstract The Internet of Things (IoT) is revolutionizing payment systems by enabling seamless, automated transactions across business-to-consumer (B2C) and business-to-business (B2B) contexts. This paper explores IoT’s role in automating payments through technologies like Near Field Communication (NFC), wearable devices, and smart sensors, which reduce human intervention while enhancing efficiency and convenience. Key benefits include faster processing, reduced operational costs, and improved accuracy, though challenges such as security vulnerabilities and privacy concerns persist. Case studies highlight applications in retail, transportation, and utilities, demonstrating IoT’s potential to enable auto-initiated payments, contextual authentication, and micropayments. The study underscores the need for robust security frameworks and standardized protocols to fully realize IoT’s transformative potential in payment ecosystems.
Keywords Internet of Things (IoT), Payment Automation, Near Field Communication (NFC), Security and Privacy, B2B/B2C Payments, Wearable Technology, Auto-initiated Payments, Micropayments
Field Engineering
Published In Volume 13, Issue 2, July-December 2022
Published On 2022-11-03
Cite This Exploring the Potential of Internet of Things (IoT) in Automating Payments - Balaji Soundararajan - IJAIDR Volume 13, Issue 2, July-December 2022. DOI 10.5281/zenodo.14993194
DOI https://doi.org/10.5281/zenodo.14993194
Short DOI https://doi.org/g87f75
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