Mercator Advisory Group continues to see more payment players interested in the IoT space. Subscription services for automated consumable refills, digital wallets located directly in cars, automated metering infrastructure, telematics-based insurance, 5G opportunities in sports stadiums, and other campaigns continue to bring software, hardware, and financial institutions together.
Payment networks are more interested in the IoT B2B space while manufacturers and others are exploring IoT products infused with IoT payments specifically for the consumer. As an article in Gulfnews notes: “Adoption of smart household devices, especially in more developed markets where connectivity via central internet hubs will facilitate purchases by various household devices.”
Establishing a connection and a real-time data stream to bring visibility into household items or industrial processes results in more optimal decisions for consumers and businesses. Payments networks, processors, gateways, banks, and fraud services all want in on this connection to enable a low-friction payments process, establish a network, lower fraud, and provide an optimized data-driven service.
Overview by David Nelyubin, Research Analyst at Mercator Advisory Group