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Beyond the Transaction: Every Transaction Has a Story

Deploying IoT Commerce Experiences

Flickr Photo: Masterpass in RestaurantsAs we shift to device-based commerce in an increasingly IoT connected world, interoperability is key. Yet, the influx of new players hoping to capitalize on IoT commerce often results in inconsistent solutions, limited use cases and delayed scalability – a huge roadblock.

That’s why Mastercard and Accenture collaborated to develop the “IoT Commerce Framework” – a two-pronged white paper series outlining key capabilities needed to conduct consistent and secure digital payment experiences with virtually anything. In part one, we share why IoT commerce depends on four key elements:


As we see it, connected devices are enabling commerce across many areas including, but not limited to, the home and office, wearables, cars, health, transport and many emerging sectors. The possibilities for commerce will be endless – from the appliances in your home that will automatically reorder items, to the medical device that prompts you to replace one of its parts, or the bracelet you can tap at a terminal to purchase a snack. But with countless options to pay comes an increased need for a set of standards that establishes inter-connectivity across manufacturers, card networks and issuers.

Consumers and Merchants

What good are connected devices without consumers and merchants who’ll use them to conduct commerce? The more people who uniformly buy-in to IoT (pun intended), the quicker it will become mainstream. There needs to be a strategy to interest all parties and deliver on making sure devices interact with merchant sites exactly as humans would. Factors including customer identification, customer service, terms and conditions, fraud prevention and merchant onboarding must be agreed upon at the macro level to reach that level of scalability.


As the digital world continues to evolve, customer expectations of swift commerce will only increase – from minimal clicks, to one click to no clicks. The pressure is on for IoT commerce to compete, coexist and even complement web and in-app payments, increasing the need to get consumers comfortable with the invisibility of device-based payments and authentication. Merchants will need to be flexible with payment processing across devices, understanding what sort of data and credentials are passed to which players. And clear ownership of liability and fraud is the digital elephant in the room that needs to be addressed.

Enablement & Management

In addition to consumers and merchants, commerce service providers, original equipment manufacturers and issuers need to enable IoT commerce, too. How can we modify existing products to conduct commerce going forward? How will devices store card details? And again, what will be the path forward for security? Strong device management systems that help provision devices and applications, distribute software updates, track device configuration and remotely track data from devices that have been lost or stolen, need to work with all of the parties involved.

Do you agree with us? Read our full white paper here and stay tuned for part two!