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The Internet of Things and the opportunity for payments
Journal of Payments Strategy & Systems,
11
(3),
236-247
(2017)
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
The full article is available to subscribers to the journal.
Author's Biography
Zilvinas Bareisis is a senior analyst at Celent, where his research covers a broad range of payments topics, from cards to digital payments to emerging technologies such as blockchain and the Internet of Things. He has 20 years’ experience advising senior executives at leading financial institutions and their technology and service providers across a broad range of strategic issues. Mr Bareisis is a regular speaker, chairman and panel moderator at leading payments industry events and has been widely quoted in the press. He holds an MBA with honours from Carnegie Mellon University and MSc with honours in applied mathematics from Kaunas University of Technology.
