The Internet of Things is on the rise, with massive growth anticipated in both the number of connected devices in use and the opportunities to make money through connected solutions. Key to making those revenues a reality is enabling emerging payment capabilities to create and facilitate financial transactions—what we’re calling connected commerce for IoT technologies.
Leading manufacturers are looking in earnest at commerce transactions conducted by smart appliances to add value for customers—such as fridges that can order and pay for goods when stocks are getting low. Another example is Visa and Accenture working together to develop a connected car pilot.
Three areas of Accenture focus are especially important to enable financial transactions involving connected devices: block chain and cryptoprocessing, IoT payment and data security, and context-based commerce.
Block Chain and Cryptoprocessing: Transforming How Money Moves
Accenture helps companies address the inefficiencies, high costs, and delays inherent in today’s payment and money-transfer models. We work with companies to develop a strategy and road map for using cryptocurrencies, block chains, and digital distributed ledgers to facilitate secure, near-real-time and low-cost domestic and cross-border money movement and smart-device-initiated commerce.
IoT Payments and Data Security: Protecting Confidential Data
Accenture works with companies to develop a strategy based on Digital Credential Management (DCM) to secure IoT payment credentials, personally identifiable or otherwise valuable information in transactions within an organization or across connected devices. At its most basic, DCM is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value.
Context-based Commerce: Delighting Customers and Boosting Sales
Accenture has deep capabilities in helping companies use context-based commerce to engage customers and boost revenue. We team with companies to design, integrate, manage and improve the use of beacons and other connected devices to facilitate sophisticated, personalized and seamless commerce interactions that enhance the customer experience and boost sales.
A leading example of Accenture’s work in this area is the aforementioned connected car proof-of-concept, where Visa and Accenture combined innovative payment and mobile technologies to create an in-car purchase experience.
By teaming with Accenture to conduct commerce via the IoT, companies can gain access to a broad range of proven, end-to-end capabilities in planning, implementing and managing mobility and IoT solutions. They can benefit from Accenture’s global delivery and rich ecosystem of partners that enables Accenture to provide leading-edge mobility solutions while always giving technology-agnostic, independent advice. And they can take advantage of a suite of Accenture proprietary tools and capabilities that can accelerate the adoption and deployment of mobility and IoT solutions.
With Accenture’s help, companies can prepare their organizations to compete and thrive in an IoT world.