Banking of Things

The future of payment

Banking of Things: the future of payment

The global outbreak of the corona pandemic has led to the rise of digital payment solutions. Due to social-distancing and hygiene regulations, an increasing number of people are paying contactless in shops or ordering products online. The so-called "pay-per-use" principle goes one step further: in this case, the consumer only pays for the use of a product, not the purchase. What has long been possible with car sharing will now also be possible with household appliances.

Smart payments at home

Household appliances, such as washing machines or fully automatic coffee machines from weel-known brands, may be of high quality, but they are also expensive and not everyone can afford to buy them. This could soon change with payment solutions that enable users of such appliances to pay automatically for usage: the manufacturers would provide consumers with their appliances free of charge and customers only pay for each wash or coffee individually and automatically. The key point here is that if the consumers no longer needs the device or wants a new one, they can simply return it to the manufacturer. Smart payment goes one step further, however, because the washing machine is also able to detect when detergent is running low and automatically reorders new detergent to be delivered to your home. The payment solutions thus link end consumers with hardware manufacturers and providers of additional products and services, and enable automatic payments to all participants in the value chain.

Smart payment, however, goes one step further as the washing machine is also able to detect when detergent is running low and automatically reorders new detergent to be delivered to your home. The payment solutions, therefore, link end customers with hardware manufacturers and providers of additional products and services and enable automatic payments to all members of the value chain.

Increase efficiency and gain a competitive edge

In addition to an effortless payment process, the "pay-per-use" principle also has a number of other advantages, especially for companies: more efficient utilization of appliances allows for more resource-friendly manufacturing in the long run. Furthermore, simple "pay-per-use" models enable companies to reach new customer groups who would normally not be able to afford expensive brand products. It also helps them to strengthen existing customer relationships. Companies can therefore secure significant long-term competitive advantages through the consistent implementation of innovative payment solutions.

Get more insight to "Pay-per-Use" payments here

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