Smart Payment Device

Device 3 – Smart Payment

Purpose: The idea of smart payment methods is to provide a safe transfer from the user's bank account to the company without the idea of handling cash. Smart payments allow for secure transactions, reducing manual effort and speeding up cash flow in certain instances. The main purpose of the smart payment would be efficiency and effectiveness as it allows for secure effortless contactless payments without the effort of carrying cash and coins, it gets rid of the idea of counting money, you only need to be aware how much money you would have in your bank account. Smart payment methods can also increase the satisfaction of users by solving new and existing problems using technology, due to the secure smart payment present in the modern world the problem of carrying coins and paper notes to pay for something can be resolved as now the user does not have to worry if they have enough cash on them, in this moment and time the smart payment can allow the user to be free of worry and can use their card in order to have the exact amount of money deducted from their account, in addition, the user can also have a lower risk of losing that money as there are much more security measures behind the smart payment methods as opposed to carrying physical items that can be easily lost when dropped unnoticed or stolen by another person.

Applications: Smart payments would be used in many places but mainly in retail and certain industrial and transportation districts. The payment system would allow anyone to conduct contactless and effortless payments using their bank card, as an example when traveling by train you can buy a ticket contactless and effortless. The smart payment systems can be used in various different environments in which those environments can benefit greatly from. As an example, the smart payment systems would be highly used in retail and commercial areas and industry areas as it allows the businesses to track every transaction and process any transaction safely, this also ensures additional methods of prevention when it comes to human errors as the physical money could be miscounted and cause certain problems within the business. In addition, the smart payments could be used in health and well-being, this would apply specifically in America as there are costs hidden behind treatment, or private clients however the smart payment methods will help have a secure transaction to be present in those areas without the need of carrying physical money especially if the treatment is very expensive.

Principles: A smart payment procedure can occur due to a sensor if both the card and card scanner, the sensor will detect and collect details from the card resulting in a trigger to occur and complete a transaction. The details on the card will be matched with the details on the data base allowing a transaction to occur and payment to be successful if there are enough funds in the bank account. The smart payment devices offer an always-on connectivity that allows continuous monitoring of data from the physical world, this allows for continuous payments to go through as the device is always on if power if being delivered.

Characteristics: The smart payment systems contain various different characteristics, certain positive certain negative as an example a general characteristic would be a legal consideration based around the smart payment systems because certain data must be collected about the person and consent must be given by the user to make sure that the data collection process is legal, in this instance the persons whole bank account details must be collected in order for the purchase to be successful. Another possible characteristic could be the ethical and privacy consideration, this has mostly passed however certain people still believe that it is a lot safter to use cash instead of smart paying systems as they question their security with the data collection process. Smart payments also contain various benefits such as having a significant reduction in interest charges, a large increase in convenience as there is no need to carry checks or money with you, it is also very environmentally friendly as there is no need to print paper or plastic money as well as a reduction in metal usage due to less coins needing to be made. Another benefit could be that the frustration of paying will be reduced as there is no need to look for a specific amount of money, rather you just have a contactless and effortless transactions that occurs in seconds.

There are also multiple technical characteristics such as the device being low mobility due to the device being tied to a specific region, there are high mobility versions of smart payments methods however majority that are present in certain industrial and retail districts have low to no mobility in addition, majority of the higher mobility versions are still limited to their full mobility as they need to be plugged in into power at all times or charged every few hours in order to keep them functional for long periods of time. Smart payment systems also could be time controlled in theory as most payment methods are bound to the time meaning that all transactions happen in real time meaning that if at that specific time you may not have funds the payment process will fail. Another technical characteristic could be that the smart payments could have low power consumption as they only require to have a small LED screen where the details of the transaction are present.