What are machine-to-machine payments?
Machine-to-machine (M2M) payments are automated, real-time payments made between connected devices (i.e., digital wallets, autonomous vehicles, etc.) where minimal or no human intervention is needed.
As part of the advancements using artificial intelligence (AI) and the internet of things (IoT), machines now include payments technology. Machines becoming active participants in the payment cycle is an integral piece of the Fourth Industrial Revolution.
The new industrial revolution is changing the way we operate as a society and uses converging technologies to bring about change. Machine-to-machine payments use 5G mobile networks to automatically complete transactions and work with blockchain technology using smart contracts to secure payments.
Examples of machine-to-machine payments include:
Machine-to-machine payments are changing the payments industry landscape, with device-agnostic solutions bringing the once isolated systems together to communicate and make autonomous choices.
How can machine-to-machine payments benefit businesses? Businesses can use machine-to-machine payments to develop new business models and create additional revenue
The benefits of using machine-to-machine payments include:
Building the bank of the future