The Internet of Things (IoT) is becoming increasingly important, enabling revolutionary, novel business models. This also means that the entire payment process must be automated and adapted to new IoT business models. Efficient, automated and real-time payment methods are necessary to realise these business models economically. The whitepaper "The future of payments: programmable payments in the IoT sector" gives an overview of possible procedures.
According to current estimates, around 75 billion devices will be linked via networks in the so-called Internet of Things (IoT) by 2025. This megatrend will permanently change the industry and bring about new, innovative business models. In order to exploit the associated growth potential, suitable payment processes are required. Currently existing methods generally require human intervention, at least for an authorisation. Micro payments are not economically feasible and full-scale real-time payments cannot be realised. However, in order to really raise the potential of IoT, fully automatic, autonomous payments between machines, so-called M2M payments, must be possible.
In the medium to long term, it is therefore necessary to establish a DLT-based digital euro as a means of payment: programmable payments could thus become a reality. Possible concepts, the underlying technologies and possible use cases are presented in the whitepaper "The future of payments: programmable payments in the IoT sector". It was created in a cooperation between CashOnLedger Technologies GmbH, the Digital Euro Association, the Frankfurt School Blockchain Center and PPI AG.
Key findings of the whitepaper "The future of payments: programmable payments in the IoT sector":
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