Rapid change in the payments market is leading to commerce experiences that are more seamless in nature and more convenient for the end user, writes Pizza Hut’s director of digital ventures Meysam Moradpour.
“But with rapid change comes a need for a look in the mirror,” he warns. “Stakeholders must assess the potential downfalls of their innovations, in addition to where their innovations are guiding the industry.”
Beginning with a definition of the Internet of Things (IoT), Moradpour illustrates how existing payments structures can be mapped onto it in order to enable connected commerce. He then relates the evolution of contactless and mobile payments to IoT commerce and looks at the impact of tokenization on the development of new consumer experiences.
Moradpour also examines recent innovations in both embedded and frictionless commerce before laying out the potential applications for an Internet of Commerce (IoC) in smart homes, wearables, smart cities, connected cars and urban transport systems.
This article has been written by Meysam Moradpour, Pizza Hut’s director of digital ventures, and forms part of NFC World’s What’s New in Payments report.
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This 10-page document is available free of charge to NFC World Knowledge Centre members (PDF format, 1.5MB).
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This item is part of the What's New in Payments Knowledge Centre.