Connected living brings more opportunities of digital payments

It is estimated the UK will become a cashless society within the next two decades, a reflection of our increasingly connected lives.

In Europe, a report by Payment Eye predicts contactless payments will surge eight-fold from 1.39 billion transactions in 2014 to 12.17 billion.

Connected cars will also be a huge development – they will be able to automatically pay for parking fees and tolls, with the number of people using automated driving car-sharing services hitting 400 million by 2030. The study also said that the $1.4 billion in-car entertainment industry will increase to $6.5 billion by 2020.

Smart home tech investment will increase by 29% over the next four years from $15.6 billion to $42.9 billion with global connected home device shipments increasing at an annual rate of 67% until 2019, according to the report. Devices such as Amazon Alexa will allow consumers to purchase goods and services with just their voice and home appliances will be able to re-order products automatically.

What’s the contactless payment limit in your country? Find out here

IoT