Anything that pays intelligently: an ecosystem of connected devices

Decades ago, only a few people could have imagined how technology would become ingrained in our everyday lives. Advancements in AI gave way to the second wave, focusing on data – the perception, the abstraction, and machine learning. As most millennials grew up with digital devices, the expectations of how technology could and should work expanded with each subsequent generation. The expectations of Gen Z and Gen Alpha helped bring about the third wave, where technology gained context. The development of responsible AI, and its ability to provide the rationale for decisions, brought contextual AI (CAI) into the equation, making machines human-centric. Both became a driving force powering the IoTs to become the IoRTs – the Internet of Robotic Things.

IoRTs can, in fact, power anything. Combine the ability to power anything with technological advancements, rising customer expectations where multiple applications are an inconvenience, and connected devices, and we’ve created a need to build holistic digital ecosystems that require minimal human intervention. With digital wallets, blockchain, and 5G connectivity, an intelligent payment ecosystem is the perfect use case. By developing an anything-that-pays model, we're producing a new, integrated way of connecting things to make autonomous payments that seamlessly fits into our lives.  

What does the future hold for payments through connected devices?

Let’s visualize how new age technologies can change the way we do various day-to-day transactions.

A day in the life of Jack: a connected payments ecosystem

Jack works in downtown Minnesota but lives in the suburbs. Every day, he drives back home and spends at least an hour in slow-moving traffic. At least twice a week he makes a pitstop to buy groceries at his favorite store.

Here’s where anything-that-pays capabilities come in. Jack has his own agent that will activate the voice assistant, like Alexa, in his car. The agent asks him if he wants to make his usual grocery order. He responds “No” and communicates his new list of items – then the system automatically contacts the store, places the order, and makes the payment. Jack does the drive-through grocery pick-up and then gets right back on the highway!  Shortly after, he stops at the nearest charging station. The tech-enabled charging station recognizes his vehicle through a camera (license plate recognition) or using RFID and makes a payment request. Jack’s car receives the payment request and notifies the in-car app. The agent asks Jack to confirm the payment and performs a 2-factor authentication using HMI (touch screen) or voice recognition. After confirmation, the payment is made.

This is made possible because the agent is connected to the in-car solution installed on his onboard device (OBD). The device is linked with a blockchain currency wallet hosted on the on-board device or a portable (handheld) computing device. The wallet initiates the relevant blockchain protocol and completes the transaction with the chosen currency. Ultimately, that’s how the charges made to the grocery store and the charging station get settled.

Now Jack’s back at home, watching TV, spending quality time with his family. Without any intervention, the agent is monitoring the machines in his house. Let’s take his washing machine, for example, which is running low on detergent. The agent uses the IoT sensors and edge devices attached with the washing machine. It computes the future need for detergent based on the wash cycles completed and has access to Jack’s blockchain currency wallet, which is preauthorized to complete regular transactions for small amounts. The agent orders the detergent without a need for Jack’s approval. If his washing machine requires maintenance, it will raise an alert via the sensors and edge device. That alert gets sent to the agent, which then asks Jack to confirm the request as it strays from the normal transactions. Once confirmation is received, the agent will book a service call with the relevant technician.

As with the maintenance example, Jack’s intervention is only required if the cost goes beyond the predetermined threshold amount or any regularly scheduled bills. For these transactions, the agent sends a voice notification requesting his authorization. After a quick confirmation, the transaction continues as normal.

How would the agent handle subscription-based devices? Seamlessly! Whether there’s a monthly cable bill, streaming services, magazine, or website memberships, the agent will renew these automatically and complete the monthly payments without any intervention. Even gaming applications and in-app purchases will be preauthorized.

The agent acts as Jack’s financial assistant by managing the finances and providing updates when he’d like to review. The best part of having an anything-that-pays agent is that, based on your predetermined setup, the agent requires minimal human intervention as specified and will only request a confirmation when needed. The agent also studies the spending patterns and value-based usage to find more economical alternatives. To start, changes in subscription plans will require Jack’s go-ahead. But as the agent gains Jack’s trust, it may even discontinue certain services, while augmenting others, or at times, combine services for an entirely new option as a straight-through process.

Intelligent and connected payment system