Rapid innovation in the payments market resulting from the emergence of end-user device adoption and tokenization is leading to commerce experiences that are more seamless in nature and more convenient for the end user — but with such rapid change comes a need for a look in the mirror, says Pizza Hut’s director of digital ventures.
As commerce transitions to a “state of ambiance” with the introduction of the Internet of Things (IoT), the industry in its entirety stands to benefit from lucrative conversion rates and higher transaction volumes, Meysam Moradpour tells readers in an in-depth paper now available to download from the NFC World Knowledge Centre.
The leap from consumers buying things to “things buying things” is not as great as one would imagine, Moradpour writes in the paper, which also provides an explanation of IoT, an outline of the differences between embedded and frictionless commerce and an insight into the potential that IoT holds for the future of retail.
“Payment innovation is leading to commerce experiences that are more seamless in nature and, generally speaking, more convenient for the end user,” Moradpour says in ‘Things buying things — How the Internet of Things is becoming the Internet of Commerce’. “But with rapid change comes a need for a look in the mirror — stakeholders must assess the potential downfalls of their innovations in addition to where their innovations are guiding the industry.”
Readers can download Moradpour’s 10-page paper, which provides a wealth of insight into how the Internet of Things is becoming the Internet of Commerce, free of charge from the NFC World Knowledge Centre.
• This document is part of What’s New in Payments, a 104-page special report from NFC World that explores and explains the latest payment trends and technologies. You can download the entire report here.