Digital payments space is in the midst of a rapid evolution, pulled by a growing customer demand for easy payment solutions, and pushed by a rising tide of powerful new technologies. With the internet becoming intertwined with everyday life, it is safe to say that Internet of Things (IOT) is one of the biggest trends of the 4th industrial revolution. The IOT sector is growing by 15% per year, with the financial services sectoring becoming the largest market segment. During the industry’s goal of displacing cash, IOT expands the payment-acceptance network. The Internet of Payments (IOP) is refurbishing how businesses operate. It is predicted that by 2022, $7.5 Billion in new transactions will be generated in the United States through IOP. With IOP, a new opportunity for things to become platforms for commerce is presented. IOP eliminated the friction in the payment process, given that payment happens at the time and place of a consumer’s choosing. With this new movement towards the financial sector, the Internet of Things is driving innovation in the payment space.
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The Internet of Payments Paper
