CONNAX launches ThingPay — software platform, enabling IoT invisible payments.

Internet of Things and invisible payments, two widespread phrases that are often used by startups to create hype. Against all odds, Finnish startup from Helsinki, Connax decided to combine these two and create not hype, but a platform for mutual growth. This is how ThingPay platform was born.

Amount of smart devices surrounding us is steadily growing day by day. Currently there are more than 7 billion active IoT devices Worldwide. They include such things as connected cars, drones, sensors, smart meters, beacons, warables, robots and many others.

All these devices are built to make our life much easier, if used correctly. They can automate the process of getting a product or service or even receive the services themselves. Imagine self-driving cars hitting our roads. They have to serve themselves at gas or charging stations, pay for parking and toll roads. There’s no driver or operator who could help them to get service. Same happens already now with delivery drones, that have to recharge themselves and pay for the service they get from charging station.

When Connax started working on ThingPay it was mainly targeting IoT devices as sensors and smart meters, so data generated by such devices can be easily monetised and exchanged for money. Soon it became obvious that problems tackled by ThingPay also relevant for EV-charging, connected cars, robots, drones, consumer IoT devices and others. There was so many requests from different IoT players that Connax decided to create a platform for everyone who can benefit from IoT invisible payments.

First problem that Connax noticed was complexity of customer journey when user needs to be identified and pay at the same time. Second problem happens when we want to make micro-transactions between IoT devices in fiat currencies. Currently it doesn’t make sense due to unrealistic per-transaction fees because of intermediates processing the transaction. Intermediates kill or seriously harm business of companies that are dealing with micro-transactions and slow down growth in innovative domains such as EV charging, MaaS and others.

ThingPay platform has two main parts to tackle problems described above. First part is device authentication service that makes it possible to locate specific asset relative to service station and if it’s close enough to make a mutual authentication. As a result of these operations service provider can identify its customer and automatically provide service or product. Second part is transaction network for smart devices built on PSD2 open banking. After authentication is done it allows to identify customer and merchant account, so service fee can be easily transferred from account to account following rules of recurrent transaction initiated by merchant. Such transaction network makes it possible to bypass intermediates, significantly lowering per-transaction fees as a result bringing more money to merchant and providing better service to end customers.

By having modular structure ThingPay can be used together with existing payment methods or together with open transaction network. In case when all parts of ThingPay are up and running you’ll save your customers’ time and save money for your business. But there’s more to it then just time and money. ThingPay is a platform for mutual growth. It’s not Google Pay or Apple Pay or even Pay Pal. Connax makes it different on purpose, to make payments more open for change. So every company using ThingPay can decide how to use it for its own benefit.

ThingPay includes 4 modules that are simple to integrate and customise: BLEAM, Service API, Mobile SDK and Integration library.

1. BLEAM is a Bluetooth Authentication Module used to locate and identify ThingPay devices. It’s deliberately distributed as a software and can be used in existing devices Bluetooth modules. If necessary Connax also can provide BLE Beacon hardware together with its partners.
2. Service API is a core part of ThingPay service, providing simultaneous authentication and payment functional across multiple devices. It’s distributed via developer portal api.thingpay.io and becomes available when creating new ThingPay App.
3. Mobile SDK provides IoT device management functional for mobile devices. With the help of Mobile SDK ThingPay can be easily added into existing mobile application. It provides such features as BLEAM add and setup, extended by IoT payment settings management.
4. Integration library for service stations and management systems, helping to add ThingPay functional, so payments can be accepted by the service station triggering desired response.

Connax made them work easy as 1,2,3. In order to make whole ThingPay system work you have to create an account on thingpay.io, create new ThingPay App, download BLEAM software on your Bluetooth device or get BLEAM module from Connax, build your mobile app with ThingPay Mobile SDK, and finally get integration library for your service stations. You can do all this at your own risk, or you can ask Connax to help you with your project.

Connax opens a new chapter in history of payments by introducing ThingPay. Even though it’s available in Beta mode, it will soon become stable for mass deployments. What’s important now for the company is to build lighthouse projects around Nordics using ThingPay technology as a basement for them. Finally all these “lighthouses” can be used as a fulcrum to move the World towards IoT invisible payments and more open and sustainable financial system.