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Payment Innovation Trends, 2019-2023: IoT Payments Will Soon Become More Commonplace

Payment Innovation Trends, 2019-2023: IoT Payments Will Soon Become More Commonplace

The “Global Payment Innovation Trends 2019” report has been added to’s offering.

AI and IoT disrupt the global payments industry

The integration of Payment Innovation by  virtual voice assistants like Alexa, Google Assistant and Siri into billions of consumer electronic devices has led to the emergence of a new form of AI-powered payments using voice command. Voice-activated payments are projected to see rapid growth between 2019 and 2023. In addition, a double-digit share of respondents to a recent survey were interested in paying via a connected car or a smart fridge, indicating that IoT payments will soon become more commonplace.

Read More: Folio Financial Among Benzinga Top Fintech Listmakers in the “Best Robo-Advisor” Category

Biometric payments gaining traction, while cryptocurrency payments are yet to rise

The biometrics feature of consumer smartphones, like fingerprint or iris scan, is increasingly used in mobile payments to confirm transactions made with mobile wallets like Apple Pay, Google Pay and others. As a result, biometric payments are projected to increase at a rapid double-digit growth rate over the next five years, according to a forecast cited in this report. Another innovative payment method, cryptocurrency, has not yet gained much popularity as both consumers and merchants are wary of the high volatility of Bitcoin and similar virtual currencies. Nevertheless, more merchants are starting to accept this mean and a small double-digit share of connected shoppers show interest in using it.

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