The Internet of Things (IoT) is a permanently developing concept. Future Internet (FI) is expected to emerge beyond companies’ internal infrastructures. FI will affect today’s economy by creating human-to-machine (H2M) and machine- to-machine markets. The Internet of Services (IoS) makes it possible to get access to IoT functionality at a higher level of abstraction.
An efficient payment system is required to enable Activity-based micropayments in the H2M and M2M market. The suitable system should be characterized by properties similar to electronic money. The architecture of an anonymous, semi-off-line, micropayment system for the Future Internet is proposed. The paper concludes with an analysis of the state of the art in the area of micro paying systems. It is based on a paper by Matonis [1995] on ideal electronic money systems.
Users should be able to perform a transaction using different sorts of devices: PCs, smartphones, smartcards, etc. The payment process should be performed by the utilization of established communication and data description standards. In the Future Internet, user’s devices are able to provide payable services, so the user may act as both the payer as well as the payee. “Pure offline capable systems” means that electronic money in a form of electronic tokens is exchanged many times.
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https://dbc.wroc.pl/Content/16851/Wilusz_Rykowski_Requirements_And_General_Architecture_Of_a_Payment_System.pdf