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IoT demands payments industry standards

Paul Thomalla, Paul Thomalla, Senior Vice President Global Corporate Relations & Development, ACI Worldwide, speaks about the Internet of Things and where it could fit into the payments industry.

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Comments: (4)

A Finextra member
A Finextra member 11 July, 2016, 18:31Be the first to give this comment the thumbs up 0 likes

Thank you, Paul. If we move from Person controlled to Device controlled, do we think that people will be willing to give up the control? I am not so sure.

Srikrishna Vaidyanathan
Srikrishna Vaidyanathan - TCS - Chennai 12 July, 2016, 06:29Be the first to give this comment the thumbs up 0 likes

From a business perspective, though the IoT offers tremendous opportunities for growth for realizing the benefits it demands lot of interoperability constraints that can become a hurdle. But if achieved through adopting a standard framework it can become new revenue stream. It is not just about giving up control it is about having convenience and if you are able to view / track it why not automate certain routine activities. 

A Finextra member
A Finextra member 12 July, 2016, 08:36Be the first to give this comment the thumbs up 0 likes

Chris,  I think that the big issue .... I think that we will manage that through layers of control... but I can only imahging the legal activities....

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 13 July, 2016, 11:52Be the first to give this comment the thumbs up 0 likes

Thanks Paul for making brilliant insight about IoT and Payment Industry standards relvence. Sure Banks can enable payments in SmartCity if take care of legal aspects.

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