The Internet of Things and the opportunity for payments

Zilvinas Bareisis

Journal of Payments Strategy & Systems, 2017, vol. 11, issue 3, 236-247

Abstract: The Internet of Things (IoT) will have a significant impact on many industries, from manufacturing to health and insurance. At first glance, the IoT’s impact on banking is less obvious. And yet, its potential for banking, and for the payments industry in particular, is significant. As devices and entire platforms (eg cars) connect to the internet, they become conduits for commerce transactions and require payments capability. The IoT will change how commerce and transactions are conducted, and in turn will require changes in payments. This paper analyses the impact of the IoT on payments and banking. It discusses the opportunities and challenges the IoT evolution presents to the payments industry, and provides examples of how the payments industry is preparing to capture the IoT opportunity.

Keywords: Internet of Things (IoT); payments; commerce orchestration; tokenisation; authentication (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2017:v:11:i:3:p:236-247

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