Exponential rise of IoT and invisible payments
By Fabrizio Burlando Fintech executive and investor focused on payments, innovation and data. Senior Vice President, Region Head Europe, MasterCard Advisors. International FinTech executive and investor, focused on Payments, Innovation and Data. From 2013 he has led MasterCard Advisors in Europe, a 250-people boutique specialised in data-driven insights from the payments world for financial services and retailers. Alumnus of BCG, INSEAD and Yale, he divides his time between Rome and London.
If you’re excited about buying something, it’s not the payment itself you look forward to, it’s the overall experience. The feeling of walking away with a new gadget or item of clothing we’ve been thinking about is what we like to enjoy.
In today’s hyper-fast world, the act of paying takes up precious energy and time. A busy London restaurant recently admitted that waiting and paying for the bill consumed up to 20% of the time people spent at the table.
Digital payments – at least in their current infant form – don’t really differ, and are anything but consistent. The launch of tokenised mobile wallets has improved user experience, but there is still a bewildering range of cumbersome choices which have emerged in the past years, creating consumer confusion.
The killer feature for “digital payments 2.0” will paradoxically be their absence. It will be the era of invisible payments, which will save an enormous amount of time, energy and stress. Early examples of this already exist and you will have experienced them if you’ve used Uber or shopped at an Amazon Go store.
But the real push to invisible payments will be come with the rise of the Internet of Things, which promises an estimated 50 billion connected devices by 2020 according to some sources.
When Netmarket made the first e-commerce transaction by selling a Sting CD in 1994, this was the moment the internet became mainstream.