Not all FinTech providers are FinTech firms — the reasons behind that help bring a deeper understanding of the modern digital economy. That said, digital technology continues to bring efficiencies to relatively mundane but vital parts of business, and that includes the task of calculating mileage reimbursement. Fraud tethered to those reimbursements certainly exists, but fresh focus is turning to fraud conducted via the Internet of Things. Beyond fraud, another focus of the early 21st-century digital world involves banking-as-a-service.
Data:
34.4 percent: Expected CAGR of the IoT security market through 2022.
$0.035: 2019 increase in official IRS mileage reimbursement rate.
$6.2 billion: Q4 purchase volume reported by Green Dot.
66 percent: Share of organizations that already use Internet of Things devices.
5,000 miles: General annual driving limit before IRS mileage rate becomes unsuitable.
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