A smart speaker walks into a bar and orders a cup of coffee:
– Dang, I forgot my wallet!
– Oh wait! I am the wallet.
Jokes aside, IoT payments are a lucrative new battlefield for FinTechs, banks, and OEMs (brands) — the same crowd attacking the mobile payment space.
But may we suggest looking more into the IoT sphere? For one, it’s still not that crowded. Secondly, it’s surging in profitability. According to Matt Good (the senior vice president and general manager of Elan Advisory Services) in an interview with PYMNTS, the volume of wearables payments may top $500 billion this year. Lastly, IoT painfully lacks viable digital wallet solutions to facilitate growth.
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