Sprint has finally announced its intention of integrating Wirecard unified commerce solutions into Sprint’s Curiosity Internet of Things (IoT) payment solution. The announcement came during the CES 2020 conference in Las Vegas. Sprint parent SoftBank brokered the deal that brought the two companies together.
The collaboration will power the new “Internet of Payments” solutions that will create additional value for the companies’ clients and their customers across the world. Internet of payments (IoP) work by turning a connected device of any type into an endpoint for accepting payments. This will lead to new and innovative transactions like directly between devices. The collaboration will also lead to the development of a unified commerce approach which will enable payment capabilities in IoT deployments. Sprint’s Curiosity IoT platform has emerged as the defining standard in enterprises IoT management and security making this collaboration a major achievement in IoT payments.
Implementation of the IoT payments
Sprint and Wirecard placed their initial focus on the retail segment across all channels in their early implementation plan. The payments platform will operate across various countries and also various platforms already in existence. The core implementation involves the use of Sprint’s Curiosity Core playing the role of a dedicated and distributed IoT network. This dedicated, virtualized, and distributed network allows lower latency and higher availability by eliminating a single point of failure. The Core network platform will run on Curiosity OS, which is Sprint’s IoT operating system. Using this model, companies will be able to link their systems with the data collection networks and turn data into action. This will allow companies to deploy IoT payments in a matter of days instead of waiting for months as has been the tradition.
The partnership will open many commercial opportunities for the two companies as well as their customers. Ivo Rook senior vice president for IoT & product development for Sprint said that the development will deliver unparalleled commerce solutions for their enterprise clients. He added that the IoT payments will play a central role in running of enterprises in the era of expanding IoT networks. He also indicated that the partnership will create new innovations in IoT payments. The American telecommunication giant’s vice president concluded that the collaboration would power such use cases involving the use of IoT payments.
The executive vice president of development at Wirecard reiterated the same aspirations by saying that the collaboration will expand the reach for IoT payments and break the barriers to meet the growing demand for IoT payments.
IoT market value
The IoT market value currently stands at US$ 212 billion according to 2019 data. By 2022, the total market value of IoT will have exceeded US$ 1 trillion. The number of devices participating in the IoT network model is expected to reach 75.44 billion devices by the year 2025. This has been a five-fold rise in IoT devices since 2015. The rise in IoT devices will provide a tremendous opportunity for integrating IoT payments across various market segments. The major contributor to this expansion, the growing internet.
As merchants and consumers look for seamless experience in shopping, IoT payments will become the major force driving the e-commerce industry. IoT payments ensure that consumers can pay for their goods and services in almost any way possible regardless of the devices. Therefore, many vendors will become interested in tapping this potential to acquire customers at all stages of the transactions. Companies that will implement IoT payment capabilities will, therefore, gain a strategic advantage over those who depend on traditional forms of payment. With the expansion of IoT payments and Sprint IoT platform and Wirecard commerce solution at the backbone of this new development, the two companies will become the dominant players in the market.