As connected devices evolve, integrated payments are as well. It’s only natural that consumer devices collecting information and connected to the internet use the data to aid consumers in purchase decisions. Voice connected payments, wearables, and in-dash automobile payments are just the beginning of a frictionless process.
As mentioned in an article published on bankrate.com:
“Experts predict that, in the not-so-distant future, artificial intelligence and biometric authentication will be integrated into nearly every purchase we make, from coffee runs to movie tickets to parking spots and beyond.”
Most importantly, artificial intelligence and machine learning, moving towards further automating transactions, and perhaps solving complex purchase decisions for consumers, is one of the most powerful aspects of this evolution.
To learn more about IoT and IoT payments visit IoT Payments: How the Internet of Things Is Influencing Payments.
Overview by David Nelyubin, Research Analyst at Mercator Advisory Group