The Internet of Things (IoT) has the power to completely transform the in-store payment and shopping experience and retailers must now ask themselves how they can use this technology to bring new and meaningful experiences to their customers, says Wirecard’s executive vice president of mobile services Jörn Leogrande.

“With the introduction of a variety of new commerce streams, retailers will also need to adapt to the changing behaviour of their customers in order to ensure they are able to offer payments wherever their customer choses to be,” Leogrande writes. “Through these changing behaviours and commerce channels comes a wealth of new customer data and insight that the retailer must pay attention to.”

This article starts with an explanation of IoT and the potential it has to change the way we pay, before exploring how artificial intelligence (AI) technology can help retailers make the most of new commerce channels.

Leogrande also examines IoT payment security, the potential IoT payments offer beyond the smart home and how retailers can use both IoT and AI to enhance the shopping experience for customers.

This eight-page article has been written by Jörn Leogrande, executive vice president of mobile services at Wirecard. It forms part of the second volume of NFC World’s What’s New in Payments report and has been sponsored by Wirecard.

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This item is part of What's New in Payments.