What is IOT payment?

Do you know what is IoT payment? Hang on .. think twice, mate… Do you really know what is IoT payment?

Let’s test 😉

Do you think when you use your Apple watch to pay in the supermarket is IoT payment ? Beeee, negative 🙅❌

How about using Amazon Alexa to order some toilet paper from Amazon? Still no …. 🙅

Monthly utility payment? Hmm, it depends. 🤔

Ok, I was not that clear either earlier today, until I found this picture:

https://www.mercatoradvisorygroup.com/Reports/IoT-Payments–How-the-Internet-of-Things-Is-Influencing-Payments/

IoT payment must meet these two criteria:

  1. Automatic machine-triggered payment
  2. Real-time data tied to payment
This is IoT payment

Obviously, no mater what device do you use to pay, that’s Human-triggered payment. And we call it In-person payment

If you do shopping online, that’s Online Payment

Subscription, monthly bills, etc., these are Recurring Payment

According to Juniper Research, Internet of Things (IoT) payments will total an estimated $24.5 billion in 2018 but Juniper Research predicts the IoT payments market will grow at an impressive average of 75% per annum over the next 5 years, reaching $410 billion by 2023.

Huge market, interesting technology. Can’t wait 😁😎