Businesses managing a fleet of IoT devices are increasingly favouring IoT solutions that are flexible, scalable and cost-effective in large scale deployment. Similarly, resellers of hardware that requires IoT connectivity, are looking for flexible, affordable and hands-off solutions.
Traditional postpaid plans are tied to single SIMs, paid monthly and have a minimum contract term. Prepaid IoT Wallets provide an alternative solution. IoT Wallets simplify connectivity management through a centralised wallet with real-time data tracking and usage deduction.
What are Prepaid IoT Wallets?
The Prepaid IoT Wallet is a digital feature that can be managed using a SIM Management Platform.
The wallet functions as a shared balance for multiple SIMs. Every SIM in the SIM pool deducts its usage from the wallet, which operates based on a currency or data/SMS credit. If a business has €1500 wallet credit, and a SIM uses €1 worth of credit in MB/SMS, then this is deducted from the overall credit in real-time. Real-time usage deduction ensures immediate tracking and accuracy in billing.
To better understand Prepaid IoT wallets, let’s take a look at some of the benefits of using a wallet for your business.
Benefits of Prepaid IoT Wallets
• Pooled SIMs:
Pooled SIMs share common data pool. Pooling leads to less overage and unused data, and thus efficient cost-management and resource allocation.
• Simplified Billing and Data Management:
Tying all SIMs to a centralised wallet simplifies the financial and data management process.
• Pay-as-you-go:
Businesses only pay for what they use, with the prepaid wallet acting as a pay-as-you-go model.
• Scalability and Flexibility:
The ability to easily add and remove SIMs makes it easy to scale the IoT solution.
• Real-time Usage Tracking and Cost control:
Real-time billing makes it easier to track usage and costs, which prevents overspending and wasting data.
The Role of Real-Time Deduction in Improving Efficiency
Through real-time deduction operational costs can be kept under control and there is no delay in data reporting. As businesses have access to their usage statistics at all times, as opposed to at the end of the month, they can react faster. This data can then be used to identify usage patterns and outliers for improved decision-making around resource allocation. In the case of outliers, the real-time system can trigger alerts when data consumption reaches a certain threshold, helping businesses stay proactive.
What are the Challenges and Solutions of IoT Wallets?
• Data Monitoring:
While real-time deduction improves visibility, there is a need for robust monitoring, for example through automated rules, to help manage IoT wallets effectively. An example of this is, setting rules for maximum usage per SIM, so that in case of an error or security breach, damage can be limited, and the outliers can be detected quickly. Prepaid IoT Wallets have the security benefit that the amount that can be spent is limited to the prepaid credit.
• Security Concerns:
As with any IoT solution, there are concerns around, for example, data breaches and unauthorised access. These need to be mitigated using encryption, ecosystem-wide security updates, secure APIs and access controls.
What’s important to consider when choosing a Wallet Solution?
• Scalability:
Make sure that the scalability of the solution matches your requirements. How easy is it to add and remove SIM cards? Do you pay for SIM cards that don’t register usage?
• SIM Management and Security:
You will also want to choose a solution that has a user-friendly management interface with security features like automation rules for security, 2FA, secure APIs and options for features such as VPNs, private APNs and IMEI Locks.
• Real-time:
Make sure to check whether the billing and usage monitoring is real-time.
• Monthly Recurring Fee:
Most likely the wallet will work with a monthly recurring fee per active SIM. Check the price and the conditions of the monthly recurring fee and whether you pay for SIMs that are in stand-by.
• Other considerations:
Check the usual considerations for connectivity, such as geographic coverage, support for multiple networks, integration with existing IoT platforms, customer support and contractual conditions.
Partnering with The IoT Guide
Our wallet solution is geared towards maximum flexibility, cost-control and real-time insight for our customers. We work with an easy-to-use SIM Management Platform and an IoT wallet, that tracks usage and cost statistics for your connectivity solution in real-time.
Benefits and Specifications
1. SIM Management Platform
• Access to real-time tracking of usage statistics and costs
• Flexible management of SIM cards for scalability
2. Connectivity and Coverage
• Global, multi-network connectivity according to 3 zones (starting at €0,01/MB). For flexibility, SIMs with different zone configurations can be in the same wallet and SIMs can change configuration.
• Data and SMS
3. MRC
• The connectivity fee per active SIM card that is assigned to the wallet is €0,50.
• If you unassign or suspend the SIM card in the SIM Management Platform, no MRC is charged.
4. Security:
• Built-in: 2FA Access Control, Robust Platform and API Security
• Options: VPN (encryption), private APN, IMEI Lock and more
5. Resellers
• The wallet is an optimal feature for resellers. The SIM Management Platform is intuitive and can be onboarding in a self-service manner. After, the customers can charge their wallet and use the connectivity in your hardware.
Conclusion: Why Prepaid IoT Wallets Are a Game Changer
Prepaid IoT Wallets provide an innovative, flexible solution for managing IoT connectivity, offering businesses the ability to scale, track usage in real-time, and optimize costs effectively. By pooling SIMs and using a centralized wallet, businesses benefit from simplified billing and reduced overage or unused data. Real-time deduction and usage tracking ensure greater control and efficiency, while the prepaid model helps prevent unexpected charges. However, to ensure seamless management, businesses must address challenges like security and data monitoring. By selecting a wallet solution that offers scalability, robust security, and real-time insights, businesses can maintain better control over their IoT deployments while keeping costs in check.
Curious to explore this model for your own IoT needs? Contact us for more information on the possibilities.
