The Future Of Payments In The Internet Of Things

Keywords:
internet of things, electronic payments, M2M connections, industrial revolution 4.0.

Abstract:
Internet of things (IoT) is conceived as the highest form of integration between people and communication devices and appliances. It is a network of devices, machines, vehicles and buildings that are connected through communication networks such as the Internet, RFID and NFC, equipped with microprocessors, sensors and corresponding software for data collection, processing and timely distribution. The aim of establishing this network is the creation of an automated conditions of life and work, in which the "smart environment" allows individuals to easily navigate and quickly perform routine operations. The payments are one of the key issues in the IoT development. A large part of the emerging relations will be of business nature and they will require payment for services and products. The topic of this paper is the role and importance of electronic payments for the development of the IoT concept, and vice versa. The aim of paper is to determine the level of payments integration in the IoT processes. After defining key ideas of this concept, adoption in the corporate and consumer sector will be analyzed, as well as the payment solutions that are in the integration phase.

CITATION:

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N. Tomić, V. Todorović, “The Future Of Payments In The Internet Of Things,” in Sinteza 2017 - International Scientific Conference on Information Technology and Data Related Research, Belgrade, Singidunum University, Serbia, 2017, pp. 97-104. doi:10.15308/Sinteza-2017-97-104

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Tomić, N., Todorović, V. (2017). The Future Of Payments In The Internet Of Things. Paper presented at Sinteza 2017 - International Scientific Conference on Information Technology and Data Related Research. doi:10.15308/Sinteza-2017-97-104

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