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PAYMENTS AND THE INTERNET OF THINGS (IOT)
Once an abstract concept, the Internet of Things (IoT) is now a tangible global sensation. Smart appliances, connected automobiles, and wearable technology are just a few examples of the IoT that are changing the way consumers interact with the world around them. And the IoT just keeps growing. A recent IDC forecast estimates that there will be 41.6 billion connected devices by the year 2025. The IoT also provides ample opportunity for players in the payments space to capitalize on this phenomenon. The realization of a concept like the IoT, which essentially enables machines to preemptively fulfill needs based on data, suggests to consumers that their payment experiences should be just as efficient. Consumers now expect payments to integrate seamlessly into their everyday lives through their IoT devices. ALISON ARTHUR AND BETHANY FRANK READ MORE