Vehicle-Based Payments to Propel Financial IoT to $410 Billion in Transactions by 2023

Fuel & Toll Payments the First Big Wins for the Financial IoT. A new report from Juniper Research has found that the IoT payments market will grow at an average of 75% per annum over the next 5 years; reaching $410 billion by 2023. This is up from an estimated $24.5 billion in 2018; the biggest growth will come from in-vehicle payments. The new research, IoT in Finance: Payments, Insurance & Banking Opportunities, Transaction Forecasts 2018-2023, has found that the automotive sector will become the most lucrative IoT platform by 2021; accounting for $63 billion in transactions that year, 55% of the overall market, compared to just over $50 billion for connected home devices, including smart speakers and TVs. However, car-based spend will mostly be payments for fuel and tolls, but with little increase in spend overall.