In this early stage of IoT deployment there has been little autonomous communication between devices and systems. Lacking the payment mechanisms and the right level of smart decisioning in the periphery requires the next level of payment automation between machines.
Goals and Objectives
To create mechanisms to quickly and easily integrate a still-developing payment channel (IoT) that requires new risk, fraud and identity models.
- Big data/analytics
Use Case Summary
As a new channel, IoT devices represent a distinctly different payment type: one where pricing, identity, risk, compliance and fraud must be handled very differently and at a massive scale. IoT-enabled payments will require seamless integration as well as new models for risk, identity and fraud.