Started with blockchain, now we look at Internet of Payments! IoP is the newest kid on the block backed by IoT with Circle securing its spot on the innovation list.
The evolution of the payments industry and payment infrastructure, on the whole, has been astonishing, given the strain put on all the industries by the coronavirus pandemic. The payments arena, in particular, had to undergo significant digital transformation to keep up with the changing customer behavior and geographical barriers. Today, one can make an international payment, with a single click and it will be done within seconds, while there was a time when cross-border payments would take days if not weeks. And one technology now is reforming this sector to go beyond limits, it’s called the internet of payments. The Internet of payments is the latest and the most advanced kid in the block.
What is the Internet of Payments?
We’ve all heard of IoT and its mighty impact on industries, but what is the Internet of Payments and what is it doing that it has become a major buzzword today?
Well, the Internet of Payments is the technology that enables your IoT devices to process payments.
Let’s say a person has a fancy tech-enabled car that is connected to their phone, with the power of IoP, this person can now make card payments from their car, without having to use their card at all.
Why has it arrived?
The payments industry is one of the fastest and the most utilized sectors, which means that it imposes the need for better connection.
Any Device Payment – Now that physical payments almost belong to the archaic era, users expect to make payments through any and every device. Not limited to a smartphone, the Internet of Payments enables users to be better connected and process payments through cars, refrigerators, wearables, smart assistants, and other devices that can be connected over the internet.
Access to Payment Networks – With the Internet of Payments, users do not have to necessarily have a connecting asset such as a card or a cheque to make payments from their accounts. They can do so over the internet and have access to different payment networks from anywhere and everywhere.
Boost to the Fintech innovation – As this concept and technology are still pretty new in the market, its adoption rate is quite low. But to accelerate innovation in the fintech arena, IoT urgency via payments will be quite a useful strategy.
Let us have a look at some of the comprehensive problems that it was able to solve?
Enhanced Customer Experience
Better Connectivity
Seamless Payments
Effective Utilization of Resources
What’s unique about the Internet of Payments mechanism?
The entire existence of such a technology in itself is a unique factor, but if we have to consider one parameter, it would be the way IoP blurs the line between payment barriers and payments processing with its advanced technical architectures. Fulfilling payments in a larger landscape means better customer connections and increased volumes of revenue.
Circle is one of the prime examples of a company working flawlessly on the Internet of payments mechanism.
Circle assists internet businesses in accepting payments and sending payouts globally in a single unified platform. Moving digital money by harnessing traditional payment rails or doing business in a more global, efficient, and scalable way through blockchain infrastructure is what Circle is all about.
- Circle has reimagined payments processing to bring together the benefits of blockchain, stablecoins, and traditional forms of payments such as cards and banks for introducing a next-gen payments processing solution for multiple businesses.
- When using Circle, businesses would not need to update spreadsheets and physical checks all while also managing multiple payout providers across distinct jurisdictions. They can use a single integration with Circle’s APIs for automating operational workflows and limiting human error and input to paying out customers in USDC, digital dollars, or their local currency.
- Circle enables organizations to provide their customers with the benefits of US dollar-denominated accounts in over 150 countries. The company abstracts away the complexities as well as costs of maintaining digital dollar wallet infrastructure allowing users to focus on building exceptional products and services for their customers without worrying about scaling and security.
- Circle is the most comprehensive suite of on- and off-ramps into USDC and digital dollars for crypto businesses. It offers the broadest global coverage with support for more than 80 countries and breadth of payment rails with powerful APIs for customer base growth.
And not to mention the growth that the company aims to achieve with its fresh $440 Million Financing.
“As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of the digital currency, blockchains, and breakthroughs in programmable money. The sustained global demand for our services powering the growth of USDC, as the most trusted and well-regulated dollar digital currency, signals that we are one step closer to achieving our mission. With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team,” said Jeremy Allaire, Circle co-founder, and CEO.
Why is the Internet of payments the Holistic future?
Though the Internet of Payments is at an extremely nascent stage at this moment, there is major innovation expected in the near future. Big techs and financial organizations are looking at investing in such technologies because of their innovative nature of performance and strategic implantations.
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