PAYMENT SOLUTIONS
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The area where the IoP has seen the most adoption is the wearable IoT space . With early movers like Apple – which sold more than 30 million units of its Apple Watch in 2019 – and Garmin bringing IoT technology and wearables together . IoP wearables allow customers to connect with banking apps to better track expenses , and perform a wide range of other mobile banking tasks . These devices also streamline the spending process for the user . Some can also grant increased security features , like the Nymi smart wristband , which reads the signature of an individual ’ s heart rate for biometric authentication .
ABOUT PAYBYCAR
Based in Boston , Massachusetts , PayByCar was founded in 2017 and is approaching a very specific angle of the IoP on a smaller , nimbler scale than Honda and GM . The six person startup company launched its pilot project in the Boston area in August of 2019 . The project connects users ’ E-ZPasstransponders and smartphones with participating gas stations across the
Westborough area . Drivers will pull up to a pump and receive a text asking to confirm their choice . PayByCar then unlocks the pump remotely and charges the user ’ s account . “ Westborough has a lot of daily commuters with E-ZPass transponders . PayByCar gives them use of a proven and familiar technology in a completely new way ," said Anand Raman , President and COO of PayByCar .
JULY 2020