Visa aims to facilitate secure payments for IoT
Visa has announced it is opening its Visa Ready program to IoT organisations such as manufacturers of wearables, automobiles, appliances, public transportation services, clothing and other connected devices. IoT companies will work with mobile device manufacturers, including mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers and other technology partners in the program.
The Visa Ready Program provides unified way to infuse secure payments into their products and services. Visa Ready partners gain industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS), which facilitates secure mobile and digital payments wherever an internet connection is present.
The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles. The first Visa Ready partners include Accenture, Coin, Giesecke & Devrient, Fit Pay, and Samsung, who will work with device manufacturers including Chronos and Pebble, to aid in integrating secure payments in consumer devices and have those devices certified as Visa Ready.
Visa executive vice president of innovation and strategic partnerships, Jim McCarthy, said, “More and more, consumers are relying on smart appliances and connected devices to make their lives easier. By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers.”
Mobile technology is transforming the payments industry as a new generation of consumers rely on connected devices to manage their money, shop, pay and get paid. Cisco estimates that a number of IoT enabled devices is slated to reach 50 billion by 2020, ensuring a big prospect for secure payments to play a role in many ways.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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