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Wholesale Banking

Banking of things: the future of making payments

Digital payment solutions have been on the rise since the global outbreak of Covid-19. Due to social distancing and hygiene regulations, more and more people are making contactless payments in shops or ordering products online. The so-called "pay-per-use" principle goes one step further: the consumer only pays to use a product rather than buy it outright. What has been possible for a long time when it comes to car sharing is now set to apply to household appliances.

Smart home payments

Products such as washing machines or fully automatic coffee machines from brand-name manufacturers are high quality, but also expensive and not affordable for everyone. Thanks to payment solutions that enable people to pay for devices on a pay-per-use basis, this could soon change: companies can make their appliances available to consumers free of charge and customers only pay for each wash or coffee. If the consumer no longer needs the appliance or wants to have a new one, they can simply return it to the manufacturer. Smart payments go one step further, because the washing machine is also able to detect when the detergent is running out and automatically reorders more, which is then delivered to your home. The payment solutions therefore link end customers with manufacturers of hardware and providers of additional products and services and enable automatic payments to be made to all parties involved in the supply chain.

Increasing efficiency and creating a competitive edge

In addition to a simple payment process, the "pay-per-use" principle also offers other advantages, especially for companies: by using devices more efficiently, resources can be saved in the long term, for example in the production of technical devices. In addition, simple pay-per-use models allow companies to target new groups of customers who typically cannot afford expensive branded products and reinforce the existing customer relationship in a sustainable manner. By consistently implementing innovative payment solutions, companies can therefore secure important competitive advantages over the long term.

Do you want to find out more about the world of pay-per-use payments?

Here, FINN, an ING start-up, shows other ways in which this can be put to use.    

More information about FINN