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What Is an IoT Payment? It’s More Nuanced Than You Think

February 26, 2020 / PaymentsJournal
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One of the biggest trends in the payments industry is the rise of the Internet of Things (IoT). In recent years, there’s been a profusion of IoT infrastructure, with billions of IoT devices coming to market around the globe. These devices collect troves of information and enable a range of helpful payment and logistical capabilities. As these devices become more ubiquitous, understanding what is and what is not an IoT payment becomes more crucial. However, the payments industry has not had a clear definition of what qualifies as an IoT payment. Until now. There is a need to better categorize and understand what an IoT payment is so that we can all keep track of the size of IoT payments as this market grows,” said Tim Sloane, VP of Payments Innovation at Mercator Advisory Group. To meet this need, Mercator Advisory Group published a comprehensive report on how the Internet of Things is influencing payments. Central to the report is a comprehensive definition of an IoT payment.