The proliferation of interconnected IoT devices offers exciting new opportunities to develop payment applications – in the home, on the move and in a wide range retail, automotive and industrial environments.
But a lack of standardization, slow adoption in the financial sector, and a complex technology ecosystem presents considerable challenges that threaten to stifle innovation and market evolution.
This Smart Payments Association (SPA) explores the challenges, opportunities and hurdles that businesses must discover and overcome for them to truly exploit the potential of IoT to facilitate cross-border business while meeting increased risks associated with an evolving technology like IoT.