PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

IoT Payment Industry Trends

By David Nelyubin
November 13, 2019
in Analysts Coverage, Emerging Payments, IoT
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
IoT: Aiding consumers in their purchase process

IoT: Aiding consumers in their purchase process

Advancements in wireless network technology, software, and hardware have combined to create mobile software embedded hardware- in other words the Internet of Things (IoT). Connected devices are set to continue to enhance and automate everyday tasks. According to an article written in TechnIExpert:

“ the year 2020 will be a milestone year for the payment industry. Be it cross-border payments or B2B (Business to Business) payments, a lot of companies will implement online payment methods as the BFSI sector will take the lead.”

Part of the BFSI sector, the insurance industry, has already taken charge in deploying IoT devices into consumer cars. These devices collect all possible data points from a vehicle in order to assess driving habits, generate a risk score, and ultimately come up with an insurance premium.

One of the key advantages is that it allows consumers to change their driving behavior if the telematics device notices above average risky driving habits. It is estimated that 14% of total dollar insurance premiums come from devices like these.

Although the BFSI sector definitely has a role in IoT payments, the industrial and manufacturing sector is also one to take note of. Process automation is crucial, and it is only a matter of time before payment for broken down parts, nearby supplier search, and time to delivery is all calculated and automated by IoT devices.

Overview by David Nelyubin, Research Analyst at Mercator Advisory Group

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: IoT

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025
    solana financial

    After an Upgrade, Solana is Primed to Be the Blockchain of Choice for Financial Institutions

    May 6, 2025
    PAR values

    The Connecting Thread: How PAR Values Can Mitigate Fraud and Supercharge Loyalty Programs

    May 5, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result