Smart Payment
System Using
IoT
C SREERAG
INTRODUCTION
Overview of Smart
Payment Systems
What are Smart Payment Systems?
A payment system that integrates IoT to enable seamless,
secure, and automated financial transactions via
connected devices.
Features:
Contactless payments (NFC)
Biometric authentication
Real-time processing
How IoT Makes
Payments Easier
Convenience:
Payments are quick and don’t require physical money
or cards.
Security:
IoT devices use strong security measures like
fingerprint scanning and encryption to protect your
payment info.
Faster Transactions:
No need to swipe cards or enter PINs – just tap and
go!
Next Slide
Benefits of Smart
Payment Systems
Easy to Use:
Pay with a tap on your phone, watch, or even your
car.
Safer Payments:
No need to carry cash or cards, reducing the risk of
theft.
Quick Transactions:
Avoid waiting in lines – everything happens instantly.
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SECURITY AND PRIVACY MEASURES
Security in Smart
Payment Systems
Privacy Protection:
Smart payment systems protect your data with strong
encryption.
Biometric Authentication:
Only you can approve the payment with your fingerprint
or face recognition.
Real-Time Monitoring:
Payments are checked instantly for fraud, keeping your
information safe.
Security Risks in Smart Payment
Systems
Hacking Data Leaks
Cybercriminals can target weak IoT If payment data isn't properly encrypted or
devices (like smartwatches or payment protected, personal and financial
terminals) to steal payment details. information could be exposed.
Fraud Device Vulnerabilities
Fake transactions can happen if security
Outdated or unprotected devices can be
systems are not strong enough to detect
easily hacked, leading to compromised
unusual activity or identity theft.
payment systems.
Security Features for IoT-
Powered Smart Payment Systems
Data Encryption Biometric Scans
Keeps your payment data Using your fingerprint or
safe when it’s sent to the face ensures that only you
payment processor. can make payments.
Multi-Layer Security Network Security
Implementing firewalls and
Combinig different methods
intrusion detection systems
to protect your money (PIN,
to prevent unauthorized
fingerprint)
access.
Example: Smart Payment with
Student ID Card
Scenario
John is a student. He has a special NFC-enabled Student ID
card that connects to his college account.
How it works:
John chooses his meal at the canteen.
He taps his student ID card on the payment terminal.
The payment is automatically deducted from his account.
What’s great about it?
Fast and easy – no cash needed!
Secure – only John’s card can make the payment.
Instant – he gets a digital receipt on his phone.
Conclusion & Future of Payments
Summary
IoT makes payments easy, quick, and secure. Smart
devices like phones, watches, and ID cards are
changing how we pay.
The Future:
Expect even more IoT-powered payment systems in
the future, such as using your car or wearables to pay
for things automatically
REFERENCES
IoT Business News - iotbusinessnews.com
Provides insights into the role of IoT in transforming
payment systems
Tools : AI Tools
Thank You
