IoT demands payments industry standards

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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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ACI Worldwide

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/retail banking /security /payments /start ups

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cards ebaday innovation mobile & online banking

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Comments: (4)

A Finextra member 

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 Industry advisor at TCS

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 

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 Technology Evangelist (Financial Technology) at SME - Fintech startups (APAC and Africa)

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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