In constructing a payments categorization framework that bridges technology and payments, it became clear to Mercator Advisory Group that payments are becoming increasingly online and recurring and moving in the automated data-driven direction of the internet of things.
BOSTON (PRWEB) January 29, 2020
The “internet of things,” shaped from advancements in technology, has resulted in an exponential rate of devices (things) connecting to the internet. This expansion of connections and data collection enables more processing powered by artificial intelligence to augment our daily decisions and abilities. Both consumers and merchants are capitalizing on this technology, with the strategic applications changing the way consumers and merchants transact.
Mercator Advisory Group’s latest research report, IoT Payments: How the Internet of Things Is Influencing Payments, provides a foundational framework for categorizing payments by bridging payments and technology to define and analyze four basic payment modes: in-person, online, recurring, and IoT payments.
“Consumers and merchants are rapidly adopting technology and utilizing the IoT, further digitizing their relationship. Prior to Mercator Advisory Group’s research on the topic, there was no concrete definition of the concept “IoT payment,” and thus it was impossible to analyze this complex market segment. In constructing a payments categorization framework that bridges technology and payments, it became clear to Mercator Advisory Group that payments are becoming increasingly online and recurring and moving in the automated data-driven direction of the internet of things, comments David Nelyubin, Research Analyst, Emerging Technologies at Mercator Advisory Group and author of the report.
Highlights of the report include:
- Discussion of the movement of consumers and merchants toward internet of things (IoT) connected payments
- Analysis of payment modes and infrastructure, separating IoT devices from IoT payments
- Analysis of a basic purchase process and presentation of a new model, the Mercator Payments Categorization Framework.
- Definitions of the four payment modes or categories: in-person, online, recurring, and IoT payments)
- Discussion of infrastructure, agents, full process map of an IoT transaction, and a comparison of the different payment modes.
- Current market segments segmented by the four payment modes — in-person, online, recurring and IoT — with a focus on IoT payments.
- Discussion of trends and future implications of IoT payments and the agents that are affected.
This report has 21 pages and 8 exhibits.
Companies and other organizations mentioned in this report include: Amazon, Apple, Canon, Domino's Pizza, Epson, HP, Intel, Microsoft, MIT, Netflix, Papa John’s, Procter & Gamble, Progressive, U.S. Department of Commerce, U.S. Department of Energy, U.S. Energy Information Administration, Wall Street Journal, Walmart, and Whole Foods.
Members of Mercator Advisory Group’s Emerging Technologies Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.