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Dr. Siva Reddy Sonti is an Assistant Professor in the Department of Electronics and Communication Engineering at Mahatma Gandhi Institute of Technology, India. His research interests include IoT, embedded systems, wireless communication, and intelligent technologies.
The swift expansion of the Internet of Things (IoT) has profoundly altered the financial industry by facilitating smart, interconnected, and instantaneous financial services. Innovative payment apparatus, wearable tech, mobile banking platforms, advanced Point-of-Sale (PoS) systems, and integrated retail networks have transformed digital transactions. The extensive implementation of IoT devices presents numerous security issues, such as unauthorised access, data breaches, identity theft, device impersonation, virus assaults, and financial deception. As a result, robust transaction systems are crucial for maintaining confidentiality, integrity, authentication, and privacy in financial ecosystems powered by IoT. This chapter offers an extensive examination of safe financial transaction frameworks based on IoT, addressing designs, enabling technologies, security measures, difficulties, applications, and prospective research avenues.