Infineon Technologies AG offers the most important trends for the future of payments: digital wallets and payments via connected devices in the IoT and biometrics. Infineon provides the industry's widest portfolio of security chips available in innovative, simple-to-integrate and highly scalable delivery forms. With the SECORA Pay and SECORA Connect product families, the company expanded the reach of its core technology to application-specific full system solutions based on hardware and software, facilitating trusted, convenient and secured payments.
"Users expect reliable and convenient payment methods that fit their everyday life," says Ioannis Kabitoglou, head of Infineon's Digital Security and Identity product segment. One in two bank cards use a microchip from Infineon. Looking to the future, Kabitoglou adds: "We want to make digital payments via connected devices accessible to as many people and businesses as possible worldwide. Ease of use and security go hand in hand."
Approximately 82% of retail payments worldwide are contactless – conventionally by bank card, smartphone or wearable electronics such as watches and rings. They make payment faster, easier and – particularly in times of pandemic – also more hygienic.
More than half of retail transactions were conducted online in 2021. Digital wallets processed around 48%. This opens up simple, convenient payment options for users with their devices. Merchants benefit from fast and secured payment processing and low transaction fees.
Not just people, connected devices will also initiate and process payments in the IoT. By 2025, there are expected to be around 2.7 billion pay-enabled and connected smart home devices on the market (Juniper Research). Tomorrow's refrigerator will be able to order milk or pizza, if the smart speaker hasn't already done so by voice control – all paid for thanks to an integrated security chip.
IoT payments are also simplifying our everyday lives outside our own homes. For example, more and more charging stations are recognising the electric car and processing payments automatically ('Plug & Charge'). Furthermore, market researchers expect the revenue potential of in-car payments to increase to USD 86 billion worldwide by 2025.
Infineon provides contactless security chips with EMV certification for bank cards, embedded security solutions for connected devices and sensor solutions for identifying biometric features. They open up new and consumer-friendly possibilities in payment transactions for banks, fintechs and card or device manufacturers.