May 27, 2015
Internet of Things (IoT), from eye-wear to cars and smartwatches, is spreading its wings as the technology behind it matures. Connecting various types of electronic devices together for a great experience in the day-to day activities is stated to be the ultimate objective of IOT. So how can the commerce applications and ability to pay using such devices be left behind?
If you are building an IOT device as a startup and are looking for use-cases or as a bank/fintech firm you want to do something ahead of the curve to address the upcoming demand (think millennials), what should you do?
Integration of Internet (and connectivity) into increasingly more devices along with payment functionality will lead to greater number of payment endpoints. Card issuers like MasterCard, Visa and American Express will gain from increased non-cash transactions and the wide database of the customers. To be on top of the IOT technology, Visa has opened an office with over 500 employees to ensure that every device, appliance or wearable computer connected to the Internet can become a secure place for commerce. Startups have an equally great opportunity at this intersection of mobility, money and commerce that IOT payments present.
Internet of Things is attractive for fintech, not only for software and ha ...