Abstract: Disclosed are exemplary embodiments of systems and methods for enabling Internet of Things (IoT) devices to initiate payment transactions. In an exemplary embodiment, a method generally includes receiving, by a computing device, a transaction request associated with a merchant where the transaction request includes a device identifier for an IoT device associated with a consumer and/or a location of the IoT device, and retrieving, by the computing device, a payment credential associated with a payment account when the transaction request is authenticated. The method also includes causing, by the computing device, the payment credential to be sent to the IoT device associated with the device identifier, whereby the IoT device is able to direct the merchant to proceed in the transaction using the payment credential.

Abstract: Methods and systems of collating and transmitting information relating to a payment transaction are provided. Current location of the mobile device is determined and merchant data, concerning merchants located within a predetermined distance of the current location of the mobile device is obtained. A list of merchants is generated based on the merchant data and presented on the mobile device. The user is requested to select a merchant from the list of merchants and input data in relation to the payment transaction through the user interface of the mobile electronic device, which requires the input data to be in a predetermined format. The mobile device generates a transaction report, based on the input data and merchant data associated with the merchant selected by the user, in a format compliant with requirements of a backend server and then transmits the transaction report towards the backend server for automatic processing.