The 'Internet of Payments' puts ID security on the smartphone
When a "pay restroom" 100 miles from the nearest major city accepts frictionless mobile payments, stores that force buyers to wait a minute for a chip-and-PIN transaction seem dated, and cash-only transactions are inconvenient.
This is the premise of the Internet of Payments—that a consumer can purchase something, like paying for a toll on the road or a slice of pizza—with minimal inconvenience, and without their wallet.
A significant advantage of IoP technologies is that it’s easier to detect and prevent fraudulent transactions.
For years, it has been necessary for consumers to call their financial institutions before leaving for a trip to a foreign country so that their cards would not be frozen after buying dinner upon arrival.