MWC 2016: Visa brings secure payments to IoT
Visa has expanded its Visa Ready program to provide securer payments for the Internet of Things market
At Mobile World Congress, credit card company Visa announced the expansion of its Visa Ready program to include Internet of Things companies.
Visa has taken to the IoT market and plans to supply manufacturers of wearables, automobiles, appliances, public transportation services, clothing and other connected devices with an integrated, secure payment solution.
The first IoT companies to join the program, include Accenture, Coin, Giesecke & Devrient, Fit Pay and Samsung, who will work with device manufacturers, such as Chronos and Pebble, to embed secure payments in consumer devices and be Visa Ready certified.
"More and more, consumers are relying on smart appliances and connected devices to make their lives easier," said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa. "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."
The Visa Ready program enables companies to integrate secure payments into products and services; part of the program includes the Visa Token Service, which replaces sensitive payment account information found on payment cards with a unique digital identifier.
The number of IoT enabled devices is expected to reach 50 billion by 2020 according to Cisco, providing a huge opportunity for secure payments to be a feature in just about any form factor.