Towards Secure Transactions with IoT: An Advanced Smart Payment Solution

Abstract

Since the spread of the Corona virus, the financial sector has seen rapid growth in online stores and the use of credit cards has become increasingly popular. However, the banking industry is adversely affected by the phenomenon of online payment fraud which can have a significant impact on both customer trust and the reputation of the bank. Many customers around the world and Moroccan customers in particular, prefer to stay away from online or credit card payments by using traditional payment methods. Furthermore, cybercriminals and fraudulent activity are becoming more creative. According to recent studies, cumulative commercial losses from fraud worldwide between 2023 and 2027 will exceed $343 billion. Therefore, it is imperative to provide the necessary infrastructure for customers to make fast and secure financial transactions. To prevent fraud and boost customer confidence, banks should expand contactless payment options and offer new online payment methods. This article presents a method for making secure and fast online payments using the Internet of Things (IoT). The main objective is to improve bank quality and customer satisfaction by reducing waiting times and improving customer interaction during the payment process.