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The Internet of Things (IoT) refers to the increasing proliferation of everyday items that are connected to the internet, from showers, ovens, and toothbrushes to street lights and parking spaces. By utilizing data analysis to facilitate or automate purchasing and payment decisions, connected devices enable the digitization of relationships across manufacturers, shippers, businesses, merchants, and consumers. However, these technologies have significantly blurred the distinction between an IoT device, IoT security, IoT data, IoT analytics (that can create additional IoT data and even replace some IoT devices) and what qualifies as an IoT payment. For example, a smartwatch is simultaneously an IoT device that incorporates IoT security, generates IoT data, performs IoT analytics, and makes both traditional and IoT payments.
To understand how all of these technologies mesh together to enable payments, Mercator Advisory Group created an IoT framework which identifies four payment methods: Brick and Mortar, Online, Recurring, and IoT. With such a framework in place, understanding the size of the growing IoT payments market becomes possible.
In this webinar, Tim Sloane, VP Emerging Technology, and David Nelyubin, Research Analyst, will discuss how IoT devices, IoT data, IoT security, and IoT payments are all distinctly different concepts, and then introduce Mercator’s definition of IoT payments and the payments framework which will be used to measure the market size and growth of the IoT payments industry.
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