Edge and Digital Payments
Edge computing is helping retailers gather and act on data more quickly. Point of sale (POS) data can be gathered and processed immediately on the edge, then transferred to central accounting and forecasting systems in larger batches. It also enables instantaneous processing of digital payments.
Increased data traffic needs to be managed effectively for the efficient transferring and processing of data (transactions), and to ensure that latency issues do not affect the customer experience. Digital payments require real-time collaboration across various mobile networks, operators, financial institutions, card networks, retailers and fraud protection services. Digital commerce companies can improve the customer experience by hosting their data centres in close proximity to their partners and suppliers (Edge), to create an ecosystem where different companies can directly connect to one another. This allows companies to increase their speeds of data transfer as they bypass the public internet and makes it easier to scale-up during spike periods for digital transactions.
Edge Mobile Payments, LLC (“Edge”), a San Francisco based Fintech startup will be adding an NFC (Near Field Communication) ring payment device to its product line. The ring is positioned to be one of the earliest in the NFC wearable payments space. The ring represents a new form factor that will make NFC payments possible even when a consumer is without their smartphone.