Understanding LoT - Location of Things - The Killer IoT App

There is currently much hype surrounding IoT, or the Internet of Things. IoT refers to the integration of internet-based technology into every-day items, such as wristwatches and other jewelry, key chains, home appliances, pets and almost anything. A less popular buzzword, but one that is essential for understanding how IoT adds value to an organization, is LOT -- the Location of Things.

Location of Things technology spans the area of identifying where IoT devices are located in relation to their origins, destinations or other adjacent devices. What is the value of sensors capturing identity, environmental data, and status among other things if the consumer of this data doesn't have the contextual location information to give this data some meaning.

By adding "context" to the billions of location-aware sensors and devices that will be part of the IoT ecosystem it will open up unlimited  opportunities to enhance customers’ experience, improve service quality, margins and reduce operational expenses across a wide range of industry verticals and the public sector. 

There are several enablers to LoT such as:

• LPWA (Low-Power Wide-Area) networks that allow a mass market for low-cost long-range low-power connected network of objects. Analysts forecast that there will be 2.7 billion LPWA connections by 2022. 
• Indoor positioning thanks to proximity context-aware devices like Wi-Fi, UWB, Mesh and BLE-beacons.

So get ready for a much wider usage of the term LoT. In the near future, Location of Things will help bring "context" to the "who" and "what" provided by the billions of IoT nodes and sensors that will populate our planet over the next decades to come.

Netclearance has been developing LoT technology and solutions since its inception for a multitude of industrial and consumer applications with the goal to add value to your IoT applications. Contact us to learn more about our IoT location gateways, readers and sensor nodes that can bring "context" to your IoT atmosphere.

Visit us at RFID Live on May 3 - 5, 2016 Booth 728B  Orange County Convention Center
Orlando, Florida (www.rfidbeacons.com)

IoT Payments Solutions Overcome Traditional Card Terminal Boundaries

IoT payments are the wave of the future when it comes to exchanging currency. According to LetsTalkPayments.com, new apps, operating systems, and hardware are being developed to accommodate this trend: "Internet of Things is attractive for fintech, not only for software and hardware developers, but also for banks and other FinTech companies to enable innovative payment experiences and provide wide range of methods to accept payments using NFC chips, payment apps, sensors, tracking devices, etc."

Indeed, Visa, MasterCard, American Express, and other credit card and banking companies are all jumping on the bandwagon, racing to implement Internet of Things payment services. In particular, they are targeting wearable and carry-able devices, such as watches and key chains, thus appealing to costumers' senses of fashion and sleek design. For example, an October, 2015, article in Mobile Payments Today states that "MasterCard announced at the Money20/20 conference in Las Vegas that its initial partners in this endeavor include fashion designer Adam Selman, automotive giant General Motors, wearable technology company Nymi, smart jewelry company Ringly and Bluetooth locator TrackR."

Beyond fashion, safety and security are key benefits of the new technology. According to an August, 2015, blog on Transfirst.com, "In the payment space, the Internet of Things is evident in digital wallets that securely store a user’s payment information and passwords, enabling consumers to use an electronic device to make transactions." Such devices will keep passwords secure while their owners carry their "digital wallets" on their wrists and in their purses and briefcases.

So get ready to join the wave of the future with IoT payments. You will join a growing number of businesses accepting payments from wearables, garments, motor vehicles, and mobile devices.

Netclearance offers a complete portfolio of IoT gateways and end devices to implement your IoT payment strategy. Contact us to learn more.

Branded Mobile Wallets Help Retailers Boost Customer Loyalty and Reduce Transaction Costs

Branded mobile wallets are the wave of the future because they help companies give their customer loyalty a boost. First, they offer a quick and convenient method of keeping track of customer loyalty programs. Second, they offer an easy payment method. Third, they keep customers engaged in the brand experience through the use of a payment app.

Starbucks is an example of a company currently boasting a successful branded mobile wallet, as noted by a December, 2015, article in Mobile Payments Today. Their loyalty program, familiar to almost all their regular customers, is made even more accessible by their payment app, which automatically keeps track of when they will receive their next free beverage. 

The Starbucks app also offers its customers the convenience and security of paying on their mobile device. To use it, customers simply hold their phone up to the scanner as they check out. In addition, this method of payment is only accessible through their mobile device, which can be locked and coded via password or thumbprint, ensuring the security of the payment process.

Finally, the Starbucks branded mobile wallet makes certain that customers maintain consistent contact with the Starbucks experience, since they access payment and loyalty program points through the Starbucks app. This way Starbucks customers remain "in the know" regarding new promotions and other changes to the Starbucks experience, without having to deal with a third-party app. This substantially increases customer loyalty to the brand.

As noted above, the Starbucks branded mobile wallet has been most successful in today's increasingly app-minded society. Mobile Payments Today tells us that 16 million customers use the mobile wallet app, accounting for 21 percent of Starbucks transactions. Other companies, such as Wal-Mart and Target, are now following suit with their own branded mobile wallets.

Our very own mBeaconPay smart payment technology, which works with and operates on a wide variety of POS and smartphones, allows customers and retailers to exchange payment information in a quick and efficient manner via a branded mobile wallet.

So next time you get a coffee or even head toward the check-out counter at your local department store, get ready for quick and easy payment with your mobile device. You'll be joining a growing number of people who enjoy the same convenience.

Cryptocurrencies Spreading in Canadian Retail

Cryptocurrencies in retail are becoming more practical as a payment form with new businesses accepting and now even selling bitcoin every year. 

Canadian bitcoin users now have an additional 6,000 retail locations to purchase their favorite cryptocurrency, according to CryptoCoinNews.

As bitcoin transactions continue to expand, more and more consumers are looking for easy and practical ways to purchase bitcoins. 

Thanks to bitcoin ATM maker BitAccess, Canadian consumers have access to a new bitcoin purchasing method. 

BitAccess is based in Ottawa, and this week they detailed how customers will be able to purchase bitcoin at 6,000 retail locations. They'll do so with a ‘Flexipin’ voucher. The vouchers can be purchased with cash or a payment card, and they'll work like a gift card. 

BitAccess said Flexipin is a "prepaid voucher that lets you top-up your accounts to make secure, hassle-free online payments. Because Flexepin are prepaid, the risk of having your identity and banking information exposed online is eliminated."

After a customer buys the Flexipin voucher from a cashier, they'll be given a receipt. Sixty seconds later, that receipt can be redeemed for the cash equivalent of the cryptocurrency that was purchased. 

Flexipin vouchers will be sold in denominations of $10, $30, $50, $100 and $250.

BraveNewCoin reported that although purchases can be made anonymously, customers will need to have a BitAccess web account in order to redeem their coins. 

BitAccess has also implemented a purchase cap of $250 worth of the cryptocurrency each day. 

To redeem bitcoins after purchase, customers just need to log into their BitAccess account and type the code printed on their Flexipen voucher they received from their cashier. 

More retailers are beginning to accept bitcoin payments, and if your business is seeking a way to accept bitcoins, look no further than Netclearance's own mBeaconPay technology. The mBeaconPay platform integrates with cash registers, enabling them to process bitcoin transactions.

If you're interested in learning more about our mBeaconPay technology, please contact us.

How to Develop an Effective Mobile Loyalty Program with Smart Beacons

So you have decided to jump at the idea of starting a mobile loyalty program for your business, now what?  What are the next steps you should take?  How will you go about creating your program?  We shall provide answers to these questions for you now.

Come Up With a Plan

First answer the question, "will it be geared toward individual consumers or businesses?  This is an important factor to ponder.  You will need to tailor your program to the type of clients you are aiming to attract.  It is possible to cater to both, individuals AND businesses.  In that case, you would likely want to develop two separate programs to accommodate the specific needs of each type of patron.

What Features Will You Include?

It is important for you to plan what features you want to include in your loyalty program.  For instance, will repeat customers earn points toward their reward?  Do you have another plan in mind for how they go about accumulating credits for their purchases? 

After you decide this, you must figure out what form the reward itself will take.  Will it be a deeply discounted item or a free one?  Will there be a monetary limit to what that offer can be applied to?  Will there be any kind of limit on how often rewards can be redeemed?  These are all necessary features to decide upon before you hire somebody to develop your program.

Sound Advice for Creating Your Program

First, it is advisable to make a list of everything you want to include in your loyalty program.  This will be the basis of the program so do not leave anything out, write down all details.

The most critical aspect of this whole loyalty thing is to hire the right company to design your program.  Netclearance can guide you every step of the way.  With smart beacon loyalty solutions like Bounty you want to ensure you keep customers returning to your business.

The API-fication of Payments in Retail Leads to Smart & Frictionless Transactions

Application Programming Interface (API) technology is the wave of the future, changing the way businesses around the world develop software for various applications. There is one area, however, where API is not being widely utilized. At Netclearance, we provide our clients with APIs for retail payments, offering solutions that are revolutionizing mobile payments in the offline world.

What is API technology?

API refers to a series of routines, protocols, and tools that are used for building software applications. These applications are utilized for a variety of different purposes, such as web streaming and networking. However, API for payments is pretty rare in the offline world, indicating an area of untapped potential. With the API-based approach for payments in the brick-and-mortar world developed by Netclearance, we help our clients tap into that potential.

How API for Payments Works

Today's offline multiparty model for payments is extremely involved, incorporating consumers, different categories of banks, merchants, merchant processors, card networks, and much more. This excessive amount of parties makes for a convoluted and fee heavy system. The online multiparty model for payments is slightly better, involving more streamlined communication between the different parties. However, we think a more streamlined method is possible in the offline world.

Here at Netclearance, we promote a more streamlined three-party model without middle-men, involving just the merchant, the consumer, and the bank, facilitated by our mBeaconPay technology. mBeaconPay allows for the use of mobile devices for cashless transactions at the POS. While many other companies offer mobile solutions, they are simply disguised versions of the excessively complicated multiparty and card-centric solution. Only with Netclearance you will find such an innovative API-based approach for payments without the fees and risks associated with credit card based systems.

When you go with Netclearance's smart payment terminals and APIs, you will be able to take your exisitng POS to the next level with API for payments that allows for cashless, fast and secure mobile transactions. Contact us today to find out more about how we can help you implement your own mobile wallet fast and easy without the hassle of PCI, HCE or any other legacy compliance.

Headless ATM - Reduce Fraud and Crime with Smart Beacons

Headless ATMs are gaining ground quickly in the US and are projected to continue to gain ground over the next 18 months. These are ATMs that do not require a debit or credit card; instead the ATM communicates directly with banking customers' smart phones. Banking customers simply log on to their banking app, request the amount of cash they would like to receive, and walk up to the ATM and scan their phones to retrieve their cash.

With the popularity of both ATM use and ATM crime running rampant, banks anticipate that the new headless ATMs will cut down significantly the number of fraudulent transactions and ATM crimes. According to an article in pymnts.com, "U.S. consumers made 5.8 billion ATM withdrawals in 2012, totaling $687 billion, according to a study released last year by the Federal Reserve." Meanwhile, a separate article in pymnts.com reports that, "All in, $1.7 billion was lost to general-purpose debit, prepaid and ATM fraud totaled in 2014, according to the Federal Reserve." Most of this loss was related to bank cards, with criminals placing cameras or scanners in or near card readers and using the gleaned information to create false cards.

Most of the new ATMs do not even have screens or key pads. There will, however, be an identity recognition device present in the ATM, as explained in phys.org: "Customers need only verify their identity, which can be done with the device's fingerprint reader, or possibly with an iris scanner on the ATM."

So in the near future, when you prepare to extract cash from your local ATM, you will want to make sure you have your phone with you for a quicker and safer transaction.

Netclearance offers a complete suite of proximity devices like mBeaconPay and mBeaconAccess to easily enable headless transactions in ATMs.

Nordic Countries Becoming Cashless Societies?

Denmark and Sweden are on the way to becoming Cashless Societies in coming years. In another post this blog addressed recent news in Denmark, where they are considering legislation that would allow select benefits to refuse cash payments.

Now, Sweden has taken another step to make cash less of a necessity and more of a burden. Their banks are making it harder for Swedes to hold onto cash. 

The Sverige Riksbank, Sweden's central bank, recently decided to keep its benchmark interest rate at -0.35%. The banks they lend to actually lose out by holding onto the money. Retail banks have not yet imposed negative interest rates, but they might. The cost of that negative interest lending has to be soaked up or passed on to businesses and individuals. 

Swedish retail banks are encouraging people to move away from cash in other ways. Swedish banks have also started to remove cash ATMs in rural areas. If people aren't using much cash, they must not need the ATMs. This move roughly corresponds with a drop in the amount of cash in circulation. 

A Business Insider article reports that the value of paper Kronor in circulation has dropped, from about 100 billion in 2009 to around 80 billion in 2014.

In a relatively cash-free Sweden citizens will have to either spend money or let the bank take it, in the form of negative interest. They'll likely spend their money, electronically, spurring economic growth. 

In short, Sweden is using less and less cash in an environment. Negative interest rates are a reality for banks and a real possibility for businesses and individuals.

Making the Shift to a Cashless Society

According to an article from PYMNTS.com, Denmark is the next country making the transition toward a cashless society. During the transition, retail locations such as restaurants and clothing stores will have the option to refuse any sort of cash payment, while supermarkets and post offices will still continue to accept cash. 

Denmark is only a recent example of a global trend toward abolishing physical currency. Other countries that already have begun shifting toward cashless alternatives include Sweden and Canada.

What are the benefits of a cashless society?

Cashless alternatives to payment make transactions more quick and efficient. Through the use of participating devices, such as smartphones, funds can be transferred instantaneously, streamlining the payment process. Any individual's payment information is linked directly to their device, eliminating the need for pocketfuls of cash, credit cards, and debit cards. A cashless society also means that money no longer has to be printed, saving valuable resources, such as the paper, chemicals, and metals that go into the production of physical currency.

Businesses can also benefit from cashless societies. Cash places a heavy administrative burden on retail locations, which can save time and money through the switch to cashless alternatives.

How can Netclearance help your business go cashless?

At Netclearance, we are proud to provide our clients with mobile payments technology solutions. Danske Bank MobilePay POS, which is spearheading Denmark's transition to a cashless society, is powered by our very own mBeaconPay technology, which works with and operates on a wide variety of POS and smartphones, allowing customers and retailers to exchange payment information in a quick and efficient manner.

It's never too late to take advantage of the worldwide trend toward cashless societies. Contact us today to help your business transition to cashless mobile payments.

Reduce Fraud and Card Skimming with Headless ATMs

As the worldwide economy makes the gradual shift toward cashless alternatives of payment, the payment technologies we use change, as well. One of the newest innovations in payment technology is called the headless ATM and is a tool designed to prevent fraud and crime while providing for the effective transfer of payment information.

What is a headless ATM, and how does it work?

Headless ATMs are the newest innovation in payment technology, tailored to work with the proximity payment software solutions that are beginning to dominate the world economy. While most modern ATMs rely on payments in the form of cash and credit cards and debit cards, headless ATMs accept payment from alternative devices, such as smartphones and smartwatches. Using Bluetooth technology, headless ATMs are capable of establishing connections with participating devices, which transfer payment information through specialized apps.

According to a recent article from News Hour, smartphones are fast replacing credit and debit cards, as banks around the world are continually opting in favor of the new technology. The article cites benefits such as reduced security risk and ease of use as reasons that banks are making the shift toward headless ATM technology.

Netclearance's mBeaconPay

At Netclearance, we specialize in technology solutions that are specially crafted to work with headless ATMs. Our mBeaconPay hardware and software works with ATMs, smartphones, and smartwatches in a seamless manner that cooperates with existing software, making it easy to use and implement. We partner with banks around the world to help them make the shift toward alternative payment and cash withdrawal methods that are revolutionizing monetary transactions. Contact us today to learn how we can help make the shift toward headless ATMs.

Netclearance at Retail Business Technology Expo 2016

Netclearance at Retail Business Technology Expo 2016

On March 9th, we will be attending the annual Retail Business Technology Expo at the Olympia in London. The event is a great place for retailers from all areas of the industry to come and learn about all the latest tech and services that can help them to increase productivity, reduce costs and improve the customer experience. It is the ideal place to keep up to date with all the latest solutions, tools and tactics.

We will be showcasing our mBeaconPay technology and our CEO David Fernandez will also be hosting a speaking session, ‘Creating a cashless society – disruptive technology for the retail payments sector’ at 13:15 on 9th March in the Payments Theatre.

During the speaker session, David will share his insights into the roll-out of the mobile payments system that has revolutionised payments in major supermarkets and fast food outlets in Denmark and Norway. He will also discuss how the highly disruptive technology takes transactions direct from bank to retailer, not only changing the value chain by removing merchant fees, acquirers and PSPs from the fee structure, but also enhances security as there is less chance of fraud or error.

We will also be exhibiting our complete range of proximity beacon technology, including BLE, WiFi and RFID sensors, for proximity marketing, real-time tracking, customer engagement and Business Intelligence on stand 124. We will demonstrate how beacons for mobile payments and proximity marketing for retailers, banks and merchants can be combined and used for coupons and loyalty schemes.

 For more information or to arrange an interview with David Fernandez, CEO of Netclearance contact Bright Bee PR: Netclearance@brightbee.co.uk or on 020 8819 3170.

Smart Mobile Loyalty Strategies Boost Customer Engagement and Profits

One simple yet powerful strategy at the forefront of any successful business is that company's customer loyalty program.  With such a strategy returning customers are rewarded for their patronage, often with a tremendously discounted, or sometimes completely free, item of the customer's choosing.  Now companies can take that a step further and, with the aid of today's technology, implement a mobile loyaltyprogram.  Exactly what is that?  Let's find out now.

General Definition

A mobile rewards program is basically the same thing as a typical customer loyalty rewards program, the difference being the customer utilizes it through their SmartPhone or tablet.  Nowadays a high percentage of the public uses some form of mobile technology, including for payment methods and customer rewards programs. 

Why Use a Mobile Customer Rewards Program?

The biggest reason is that it is more convenient for the customer than carrying around a card in their wallet.  Instead that business' rewards system is used by something they carry anyhow - their mobile phone.  Rewards points are accumulated in the same manner as with a physical card but are stored on, and cashed in from, the person's mobile device.

Advantage for Businesses

Having a mobile customer rewards program is great for business because it makes it easy for customers to use it.  This is a huge incentive for them to keep returning time and time again.  They do not have to waste time searching for a physical card.  Instead they can pull out their phone and press an app button for that merchant.  Your business will be treating your customer's phone as a loyalty rewards card. 

How Does This Type of Program Work?

You set up an attractive-looking kiosk inside your business that invites your customers to come over.  When they do, a friendly employee will encourage them to participate in YOUR business' mobile customer loyalty program.  As an added bonus your business can offer them the option of receiving pertinent text messages that are related to your program. 

Netclearance offers a turn-key mobile loyalty program called  Bounty  that can kick-start your mobile loyalty initiatives with a low-entry cost and support for the major mobile platforms. Contact us and visit www.bountyusa.com to request more information.

New Payment Technology Helps Banks Catch up with Third-Party Mobile Wallets

When consumers prepare to pay for purchases these days, a growing number of them are whipping out their phones instead of their wallets. Mobile payment apps have added a new and convenient way for people to pay for goods and services. As these digital wallets gain market traction, banks could find themselves in trouble. Conventional ways of payment -- and the revenue that they produce for banks -- are falling by the wayside. 

When consumers pay by swiping a payment card, banks make money through the fees that are attached to each transaction. Transactions completed through mobile payment services such as Venmo, Apple Pay, and Samsung Pay are now eating into that bank revenue. There are more players entering the space.According to Bloomberg News, Walmart, Starbucks and even Chevron gas stations are working on plans for their own digital wallets. Banks know that the days of debit and credit cards being the preferred method of payment are numbered. “We see a day when customers are leaving their home without their card,” Jonathan Velline, head of ATM and store strategy at Wells Fargo, told Bloomberg.

Some banks are taking steps to compete with their own digital wallets. Capital One has introduced a digital wallet, Bloomberg notes. JP Morgan Chase is preparing to launch one soon. While they may be late to the game, they may be able to reach a broader set of consumers. The digital wallets offered by Apple and Samsung work with Apple and Samsung technology respectively. Banks could offer the advantage of being able to work with any smart device, regardless of its maker. 

You don’t have to wait for U.S. banks to implement mobile wallets to see the technology in action. European banks are already early adopters of such technology. Denmark-based Danske Bank, for example, uses mobile payment hardware and software developed by Netclearance. The software, called mBeaconPay, works on all smartphones. The technology enables banks to offer consumers their own digital wallet solution without being tied to a specific mobile device maker. Danske Bank has deployed mBeaconPay-enabled mobile wallets to more than 30,000 merchants across Scandinavia, where it has quickly established itself as one of the top five mobile apps in the region. 

Banks, like any business, count on new customers to grow. The problem for banks is that millennials who could become their new customers are deciding against conventional banking and choosing instead to bank through the growing number of mobile payment services. If banks want a fighting chance to catch up with third-party mobile wallets, they’ll need a digital payment technology to do it. Contact us to learn more about how mBeaconPay is helping banks deploy their own mobile wallets.

Cryptocurrencies Accepted Here

The topic of economics is on many people's minds, these days. Numerous presidential candidates discuss economic policy on the campaign trail and in debates with other candidates. Few of them mention Bitcoin, an innovative alternative to modern-day fiat currency. As Bitcoin increases in popularity, the candidates harm nobody but themselves when they ignore it.

For those unaware, fiat currency is the currency which is printed and minted by a country's government. This would include the Euro, the US, Canadian, and Australian Dollar, and the British pound. Fiat currencies are simply printed, and cannot be exchanged for their equivalent in precious metals, such as gold, silver, or platinum. Many economists point out that the oversupply of fiat currency leads to inflation, allowing governments to subtly manipulate prices. Bitcoin was created to solve this problem. It's an algorithm that cannot be counterfeited, and no more than 21 million can be created. Launched back in 2009, its popularity has steadily grown. Though primarily used for online transaction, there is a need for cryptocurrency use in retail in order to adjust to the ever-shifting market. 

Since Bitcoin does not exist in physical form, special hardware is needed to make transactions with it. Netclearance provides everything a business needs to expand its accepted forms of payment to fit the modern world of commerce. Our software is usable by iPhones and Android smartphones, and easily interfaces with existing Bitcoin wallets. We also provide hardware for cash registers and unattended vending, ushering your business into the future, whether you own a convenience store, restaurant, or grocery store.  Contact us today to find the solution that works best for you. 

Revolutionizing Proximity Payments Technology

Over the past few decades, we have seen society's preferred mode of payment shift from physical currency to debit cards and credit cards. As time goes on, other forms of payment have emerged, and are poised to take over as our new preferred method of payment. Proximity payments technology is but one of these technologies, and consists of the use of smartphones in order to transfer funds between businesses and customers in exchange for products and services, transcending industries and finding more nuanced uses every day. According to eMarketer.com, proximity payments in the United States handled $8.7 billion in transactions for the year 2015. For 2016, experts expect this number to climb as high as $27 billion. If this trend continues, this means that this technology will be the main method of financial transaction by 2019.

How Does Proximity Payment Work?

Proximity payment technology consists of an exchange between a smartphone and another compatible device via Bluetooth technology, where the smartphone acts similarly to a debit or credit card, connected to a customer's bank account. Of course, this means that both devices in a proximity payment exchange need to have Bluetooth capabilities, but as time goes on, more and more devices are becoming Bluetooth compatible.

Netclearance vs. Other Proximity Payment Technologies

As proximity payment technologies have become more popular, many companies have tried to jump on this trend, each with varying degrees of success. Examples include Android Pay, ApplePay, and Samsung Pay. While each of these technologies are innovative, they all have their own issues that impede ease of access, including:

• Usable only on phones they manufacture (walled garden effect)
• Credit card based systems
• User data shared with Google and other sites
• No options for customization
• Added fees

With our mBeaconPay technology at Netclearance, we want to help our users break away from these constricting qualifications, offering freedom through features such as:

• Phone agnostic (supports all smartphones regardless of make and model)
• App-based
• User data shared only with relevant banks and retailers
• No or low transaction fees
• Customizable (white-label)

With such a stark contrast, it's clear why mBeaconPay available here at Netclearance is more effective than its competitors. Contact us today to find out more!

How the Internet of Things is Changing Payment Technology

The Internet is constantly changing the way we are able to pay for things. Through what is known as the Internet of Things (IoT), more and more payment options are becoming available to people worldwide. According to TransFirst, IoT payments are revolutionizing the ways in which we are able to process monetary transactions, from digital wallets to other payment methods, such as cryptocurrencies.

What is the Internet of Things?

The IoT is still a relatively new concept. Because of this, a lot of people are unfamiliar with its nature and implications. "Internet of Things" refers to the way billions of different types of devices around the world are connected via internet. This includes devices like smartphones, computers, cars, cash registers, and even industrial machinery. Each of these 'things' is but a small component of the larger Internet of Things, through which countless amounts of data are shared and transferred. According to Forbes, the number of devices worldwide that comprise the IoT will climb as high as 26 billion by 2020.

How can the Internet of Things be integrated into payment technology?

Cash and checks are slowly giving way to digital forms of currency, facilitated by debit and credit cards. Even these latter forms of payment are beginning to make room for other forms of virtual currency, in which devices such as smartphones and smartwatches are connected directly to bank accounts, capable of sharing payment information with other devices for payment transactions.

Each of the devices involved in payment transactions are part of the IoT, communicating simultaneously with each other and with banks through Bluetooth and the internet. At Netclearance, we are proud to provide our clients with the cutting edge of IoT payment technologies. Our mBeaconPay platform is specially designed to integrate with the IoT, working seamlessly with wireless proximity technologies such as mobile devices and cash registers, allowing for simple and efficient transactions.

The Internet of Things is constantly growing to encompass more and more devices worldwide. Contact us to learn how Netclearance can help your business tap in to the IoT.

The Future of Cryptocurrencies in Retail is here

In an increasingly digitized society, computers and the internet are changing every aspect of our daily lives, including the way we pay for products and services. Dollars, coins, and checks are slowly being replaced by debit cards and credit cards with magnetic bars and chips. As time goes on, a new competitor emerges, one that's even more sophisticated. Known as cryptocurrencies, digital currencies such as Bitcoin are beginning to replace standard versions of currency. However, many businesses still are not equipped to allow consumers to use cryptocurrencies in retail, meaning that there is a large volume of potential revenue retailers are not taking advantage of.

Why are Bitcoins excluded from retail?

Bitcoin is still a relatively new technology, with a lifespan of only a few short years. It goes without saying that it will take some time for this technology to mature and become more popular, both with consumers and with retailers. Traditional card reader terminals are unable to accept cloud-based bitcoin payments and interact with bitcoin wallets.

At the same time, there are steps we can take to get ahead of the game.

How can Netclearance help with cryptocurrencies in retail?

With the mBeaconPay platform offered here at Netclearance, we can help close the gap between consumer and retailer, allowing both parties to use Bitcoin effortlessly. Our platform integrates seamlessly with retail cash registers, allowing the acceptance of Bitcoin. As more and more companies get started on this new technology, more and more customers will want to use it.

It's never too late to get started with the currency of the future. Netclearance is here to help your business reach more consumers in the digital age.

Banks' Uber Moment Leads Financial Institutions to New Financial Technology

A look back at history reveals numerous instances in which technology disrupts an industry. A century ago, the automobile displaced horses. A more modern example that also involves the automobile is Uber. Compared to traditional taxi cabs, Uber’s ride-hailing app offers consumers a way to get around a city that’s lower cost and more convenient to pay.

Cost and convenience are also driving changes in finance that some technology observers describe as banks' Uber moment. Technology is disrupting how people manage their money. Transactions that once required face to face interaction were replaced by online banking, where people managed their money via their computers. Now online banking is going mobile as smartphones and banking apps allow consumers to bank from wherever they happen to be.

This “Uberization” of finance is turning the banking sector on its head. A Financial Times analysis found that nearly 100,000 banking jobs were cut in 2015, which is roughly equivalent to 10 percent of the combined staff of the top 11 European and U.S. banks. Former Barclays CEO Antony Jenkins last year warned that up to half of banking jobs could be replaced by apps and algorithms over the next decade, according to Business Insider. Financial technology enables consumers to make transactions smarter, cheaper, and often faster, he explained. Just as Uber is squeezing the taxi industry, financial technology will squeeze bank operations, leading to financial industry layoffs.

Banks will need to look ahead if they want to be part of the financial industry change, rather than becoming a victim of it. Financial institutions will need to embrace technology as both a standard way of conducting business and as a way to bring in new sources of revenue. Mobile wallets might be able to offer the solutions that banks need.

Netclearance Systems offers a solution called mBeaconPay, a mobile payment platform that enables banks to acquire new merchants and to offer payment processing services. The technology allows banks to perform these actions without any intervention from the credit card networks and to collect valuable consumer purchase data. Technology is changing the industry – for the better, we believe. Contact us to learn how the latest in financial technology can help you.

Nominated in the Best Cash Innovation category by PYMNTS.COM

Driving to incorporate IoT payments in wearables

Use cases for IoT payments abound. From keyfobs to wearables, they're beginning to show up everywhere. The biggest attribute it must have is that it is something precious to the user that they take with them everywhere, and that isn't lost or misplaced regularly. 

Many banks and card companies are looking towards wearables more than most other options, from rings to watches to fitness bands. American Express announced in April that it partnered with Jawbone for its UP4 band, using NFC technologies, a variation on RFID. Some estimates are that wearable proximity payments will be $501B by 2020.

Mastercard has also jumped on board. In October, they announced:

"The program will launch with the support of several marquee partners across multiple verticals to fit every lifestyle need. Designer to the stars Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR are among the prominent consumer brands enabling their products through the program."

The product makers plan to put IoT payment capability into clothing, keyfobs, wristbands and rings, among other items.

PayPal is working the process from the app direction, with apps for wearables containing most  of the functionality of the web-based program, and of course iPhones were at the forefront of IoT payments.

Many of these payment structures have been built like a house with many wings, adding on as they went. The state-of-the-art mBeaconPay platform has been built from the ground up to support all these use cases.

If you're in the market for your organization to develop proximity payment capability in wearables or other candidates from the IoT, we can help.

Nominated in the Best Cash Innovation category by PYMNTS.COM

Nominated for Best Cash Innovation Award by PYMNTS

After weeks of deliberation, over 600 submissions, and the most exhaustive vetting process in the industry – bar none – the judges have spoken!  We are among the 5 finalists, chosen in The Best Cash Innovation Category http://www.innovationproject.com/2016-innovator-awards/, to compete for a Gold, Silver or Bronze medal to be awarded at the PYMNTS Awards Dinner on March 17th at the conclusion of the Innovation Project 2016, where the most meaningful minds, emerging disruptors and entrepreneurial visionaries in the worlds of payments and commerce converge.