M2M Changes the Way Consumers Spend Money

8/23/2013
In many ways, M2M turns us all into walking conduits of connectivity. Our connected devices effect the way we communicate, the way we access vital information, and even the way we spend our money. In a world that has learned the value of NFC (near-field communication) technology, all we really need to conduct financial transactions is access to a connected device.

Case in point, the city of Seattle has recruited PayByPhone, www.paybyphone.com, to allow drivers to pay for on-street parking using their cellphones. This nullifies the need to visit a pay station, or display a printed sticker. City Mayor Mike McGinn says the service will reach all local areas with paid parking by the end of the summer.

The service isn’t exclusive to smartphones. Traditional cellphone users can also use PayByPhone by dialing a toll-free number, and following a series of prompts. The service also sends email receipts.


“Surveys have shown that parking has long been a barrier to entry for people coming to downtown Seattle,” says Kate Joncas, president and CEO of the Downtown Seattle Assn. “With PayByPhone making on-street parking faster and more convenient, visitors benefit and that helps maintain downtown Seattle as the region’s preferred urban destination.”

But the parking industry isn’t the only one benefitting from NFC and mobile payment technology. This week, HybridPayTech, www.hybridpaytech.com, announced it has selected the global M2M platform from Vodafone, www.vodafone.com, to provide connectivity for its mobile payments service. This service will allow businesses to supply employees with smartphones or tablets which securely process credit or debit card transactions.

Massimo Barone, founder and chair of HybridPayTech’s advisory board, says the ability to process credit and debit card payments anywhere in the world will “drastically simplify how companies charge their customers. The fact that we can support both credit and debit cards means the mobile payment market can now really take off.”

In addition to the convenience offered by mobile payment solutions, NFC may soon become a prevalent technology in the home. For instance, Sony, www.sony.com, has recently released its HT-ST7 sound bar speaker, which among its numerous capabilities, can connect to mobile phones or tablets. By pressing the sound bar’s “Bluetooth Sync” button, and then touching it with a compatible device, a link to mobile content can be created.

The number of options and conveniences offered to us by connected technology seem to grow with each passing day, making the next development in M2M increasingly difficult to predict. But regardless of what it is, consumers will undoubtedly be the ones coming up on the winning end of things.

Want to tweet about this article? Use the hashtags #M2M, #mobile



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