Episode 44: How to Pay in the Machine Economy of the Future?
The trend has emerged toward increasing convenience in the payment sector. The underlying value proposition is the automated execution of payments instead of the take up of headspace for manual transaction initiation for consumers as well as in backend processes such as the one between machines amongst themselves. Machine-to-machine (M2M) payments refer to frictionless and invisible payments, executed automatically without human intervention by devices that are equipped with digital identities to communicate with each other. While this trend continues to become increasingly important in the future, in fact, there are already various M2M and Internet of Things connections in our everyday lives. In this episode, Richard Turrin, David Tercero-Lucas, Ricky Lamberty and Jakob Bouchetob are discussing the current use cases and dynamics for M2M payments, business models and use cases for M2M payments in the future, trends worldwide in M2M payments and the regulation of the M2M economy including machine identities.
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