5G, IoT, Cloud, Microservices and APIs have begun to flow together (literally). If industry findings are any indication, then by 2027, this high-tech combination will be common place in many mid-sized and some small enterprises. Large enterprises will be more focused on perfecting this quintet. Most will have achieved ‘adoption’ milestone close to 2025.
Each of these has either been in the making or in existence close to (or over) a decade.
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It is well understood that payments are a critical facilitator for practical realization of smart city and general IoT vision. Digital payments can improve payments ecosystem across public sector departments overseeing electricity consumption, water usage, sewer cleaning, trash collection and recycling, toll & transit, parking, tourists attractions, healthcare, municipalities, prisons, etc. All of which are important public service units necessary for cities to become self-sufficient.
It has also been established in 2020, that digital payment ecosystem got a major boost due to the pandemic. According to Statista, total transaction value in the digital payments segment is projected to reach US $4,934,741 million by the end of 2020 and total transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 13.4% resulting in a projected total amount of US $8,170,406 million by 2024. Further, contactless payments, a type of digital payment is very well positioned to bridge Internet of Things (IoT), and hence smart cities to Financial Services.
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PayPal processes 27 million transactions per day yet records an impressively low fraud rate of 0.32%, as compared to 1.32% reported by other merchants. This has been possible due to PayPal’s long standing commitment to risk management and fraud detection. PayPal is actively deploying deep learning for customer segmentation, behavioral analysis and to analyze large volume of transactions across various parameters.
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