Banking of Things:
Pay By Plate
BREDA, THE NETHERLANDS – Now that PSD2 has come into effect, Banking of Things is ready for take-off. And since there is no time like the present, AVUTEC decided to enhance their Gatekeeper ANPR camera to be the first in the world to make autonomous payments triggered by license plates.
Banking of Things?
Smart devices are slowly but steadily becoming a part of our daily lives. We can remotely turn up the heating in our house when a meeting is cut short, use Wi-Fi to set the light intensity of lamps and control speakers with our voice. All these and many more IoT devices are here to make our lives easier and more convenient.
Banking of Things takes this progression to a next level, by enabling IoT devices to initiate payments. Since PSD2 has recently set regulations to encourage the creation of innovative payments, the door has been opened for new payment methods.
Facilitating payments by license plates
The Gatekeeper, AVUTEC’s ANPR camera, triggers actions based on license plates. Next to interfacing with access controllers, SQL databases and video management systems, the camera can now also handle financial transactions. By integrating fintech startup FINN’s secure payment software into the Gatekeeper, the camera is able to make automated payments on behalf of the car owner.
By embedding FINN software in the Gatekeeper, the ANPR camera was able to make payments as soon as a license plate was read. Proof of concept payments were carried out at AVUTEC’s parking area, charging participating employees for their parking time. All in all, a small price to pay for a world premiere.
A payment initiation service
During the proof of concept, only the license plates of AVUTEC employees were charged, since they allowed the Gatekeeper to make these payments. In order to pay with your license plate, first the FINN app needs to be downloaded on your phone. After registration and adding this specific Gatekeeper by means of a QR code, it is authorized to perform a transaction.
Authorization is according to the rules of PSD2: a device must have permission before a transaction can be made. AVUTEC’s Banking of Things solution is a payment initiation service that only checks the balance of an account to see if there is enough money for a payment and performs the actual payment. There is no access to the details of the account.
Banking of Things: the road ahead
Now that this first Banking of Things proof of concept has been successful, AVUTEC is looking at the road ahead. After all, the enhanced ANPR camera can be used in many more situations than collecting payments from passing AVUTEC employees.
This year AVUTEC will be deploying it’s ‘PayByPlate’ technology to application area’s like drive-through, tolling, parking, car wash and petrol stations. If it is up to AVUTEC, as long as a license plate is present, cash or debit cards are obsolete