March 16, 2018
The Internet of Things (IoT) has been growing exponentially for the past decade and is expected to double again to 50 billion connected devices by 2020. That is equivalent to more than six devices for every person on the planet. However, discussions recently have shifted away from the number of devices to how these smart devices are increasingly disrupting the business value chain.
Recent research suggests that the major growing trend is the Machine-to-Machine (M2M) market, which is expected to reach $27.62 billion by 2023. These transactions represent a significant trend where humans are no longer in the loop on purchases, but rather simply on the loop. That is, humans are simply being informed after their devices make purchases.
This growing shift in the payments landscape is known as the Internet of Payments (IoP). The early stages came in the form of payments being enabled through devices like FitPay or Amazon Dash buttons. The latter is a physical button that can be coupled with a specific item on Amazon.com, such as laundry soap. Whenever you press the button, the button sends a purchase request to Amazon and within a day or so; the soap will arrive on your doorstep ...