Dr John Bates, CEO of end-to-end IoT and M2M application platform company Plat.One has a vision of how the Internet of Things is going to bring about a pay-as-you-go economy:

[Rather than] buying new [tires for their car], people could lease them. 1

This Tyres-as-a-Service model also comes with big data analytics services "so the thinganomical principal is, sensor-enable the products that you sell, extract the data from the channel and then sell them as analytics services".

"All these are ways of making money, saving money, making it more attractive for customers," Dr Bates said.

Dr Curran 2 also said that there is nothing to stop this model of IoT PAYG being copied in for instance, door mats (counting people), smart radiators (charge per heating use), smart sofas (charge per person sitting down and how long), fish tanks (charge per person looking at the fish with camera scanning for faces), headphones (charge per use), and so on.

So, as long as you're reasonably well off you'll be fine with your smartphone (or your iotWallet) sending off micropayments as you're charged as you walk through the shopping mall. No doubt the smart door mat at every entrance will check your ID and credit rating and only unlock the door if your credit rating is high enough.

[Via @evgenymorozov]

  1. Just the tires? Surely they'll be using the IoT to ensure they pay for the entire car by the mile?

  2. Dr. Kevin Curran is described as a member of the IEEE.