In a smart office building, an embedded M2M payments system would automatically order light bulbs when supplies run low, meaning maintenance staff will always have a fresh bulb on hand when a light goes out.
The other beneficiary in this example, in addition to tenants enjoying a well-maintained workspace, is the building supplier. Seeing M2M payments as an exciting new business model, the supplier is able to drive growth while making the payment process nearly invisible for its customers.
When M2M payments are used in a supply chain, transactions are synchronized with the flow of goods, so customers are only charged when shipments are headed their way. And data about the condition of shipments may reduce the burden of processing returns and refunds.
“If you get the payments piece right, if you have the variety of payments that your clients are looking for, then you can actually differentiate yourself and you can sell more,” Moinian said.
No matter how good those fries might be, you’re left with only the taste of a poor gameday experience.
Seeing an opportunity to address this pain point, live event venues are beginning to use biometric checkout so customers can grab and go, minimizing the amount of time spent away from the game or performance.
J.P. Morgan Payments this year partnered with the Formula 1 Crypto.com Miami Grand Prix to show how palm and face scans, when connected to secure payment info, can create a seamless commerce experience for fans—whether they’re at the concession stand or the merch booth.
“We educated fans ahead of time about an opportunity for them to preregister, input their payment information, take a scan of their face, so that when they get to the merchandise shop they would be able to pay by just their face,” Dustin Sedgwick, chief marketing officer of J.P. Morgan Payments, said in a video recorded behind-the-scenes at the race.
Fortunately, the doctor is already on top of it: Your physical therapy plan has arrived, reads the notification on your phone.
As the healthcare industry continues to modernize, it is simultaneously attempting to solve a fundamental challenge: how to provide better care at a lower cost for more people.
One major area of opportunity is the creation of a digital front door, portals where people can access and manage all aspects of healthcare, including virtual appointments, prescriptions and payments—which may include subscriptions to exercise plans.
“There are new possibilities out there in terms of interacting with consumers directly,” Moinian said. “Selling additional services, which drives the top line, becomes even more strategic.”
But patients represent just one aspect of payments’ influence in healthcare. When payment technology simplifies transactions involving other members of the healthcare system—researchers, insurers and drugmakers included—the impact multiplies.
Since the payments space is developing rapidly, it’s important that organizations use the latest technology so business leaders can adapt quickly to emerging use cases. J.P. Morgan has developed that subject matter expertise in-house to help companies become first movers and early adopters, Moinian said.
“We have a very large team whose job is to understand the ins and outs of sectors like mobility—to understand pain points and discover opportunities—so that the payments piece can add value,” he said.