Internet of Things (IoT) in Banking & Payments

Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. Use cases include the automated home, the connected car, wearable technology, smart cities and many more. GlobalData forecasts the global IoT market to reach $1.1 trillion in revenue by 2024. While pervasive IoT is still some years away, Retail Banker International is keeping a close eye on the use of IoT in banking & payment and its evolution.