Internet of things (IoT) system and method

An Internet of Things (IoT) system, the system including: (a) an IoT platform in communication with a device via a communications network; and, (b) a payment service provider, wherein, in use: (i) the IoT platform: (1) receives a transaction message from the device, the transaction message being indicative of: (a) a device identifier; and, (b) transaction details indicative of a transaction to be performed; (2) uses the device identifier to retrieve transaction data indicative of: (a) a user identifier; and, (b) transaction rules; (3) generates a payment request using the transaction details and transaction rules, the payment request being indicative of: (a) the user identifier; (b) a merchant identifier; and, (c) transaction information at least partially based on the transaction details; and, (4) provides the payment request to the payment service provider; and, (ii) the payment service provider: (1) receives the payment request; (2) determines a user account at least in part using the user identifier, the user account associated with user account information; (3) determines payment details using the merchant identifier and the transaction information; and, (4) causes the transaction to be processed using the user account information and the payment details to thereby enable the merchant to be paid in accordance with the payment details.