In a recent Merchant Payment Ecosystem (MPE) Summer Week 2020 webinar titled “New Normal in Merchant Payments,” panelists David Birch of Hyperion, Jared Drieling of The Strawhecker Group, Nick Telford-Reed of Endava and Christine Bailey of Valitor discussed the future of payments, the challenges the industry continues to face and the technology innovations driving the new normal.
The Internet of Things (IoT) was at the center of the discussion. In the future, with wireless connectivity added to more and more machines, IoT will allow consumers to use any device from anywhere in the world as a payment platform. As an example, a connected vehicle could serve as a payment platform for things like parking, gas, toll fees and drive-through purchases.
The Identity of Things before the Internet of Things
In the webinar, the panelists discussed that, with consumers expectations for ease, convenience and value constantly increasing, the challenge of verifying identity is a problem that must be solved before the wide-scale application of IoT technology can find its way into mainstream payments transactions.
Geolocation Technology and the Identity of Things
Two of the panelists, Jared Drieling and Christine Bailey, emphasised that geolocation technology is an important part of digital identity verification and authentication, especially when it is combined with other sophisticated technologies such as voice recognition.
In the case of using your vehicle to make a purchase, geolocation technology plays a critical role in identifying that car belongs to you, the mobile phone in the car belongs to you, and it is you who is authorizing the payment.
How Geolocation Data Can Help Build Reliable Digital Identities
Accurate, authenticated and unaltered geolocation data is essential in creating a reliable and true digital identity. Utilizing geolocation data as part of the identity verification and authentication process will enable IoT technology providers to build a more holistic view of a client, which is essential to evaluating risk while also identifying potentially suspicious activity.
As Jarod Koopman, Acting Executive Director of Cyber and Forensic Services IRS – Criminal Investigation noted, “Advanced location signaling provides another critical data point that gives insight into the legitimacy and validity of transactions.”
At GeoComply, we focus solely on geolocation-based security, fraud detection and the protection of digital content and assets. We provide a suite of geolocation-based solutions that ensure accurate, authenticated and unaltered location data to a wide variety of industries and use cases. Interested in learning more about our solutions? Contact us at firstname.lastname@example.org.