Visa Takes a Major Step Forward On IoT Payments

Visa Takes a Major Step Forward On IoT Payments

Visa Takes a Major Step Forward On IoT Payments

Over a year ago, a Visa Ready program from Visa Inc. has expanded, allowing tokenized payments in a large range of devices with internet connection. On Thursday, Visa Inc. continued the plan, surprisingly deciding to collaborate with IBM Corp., allowing the payments to be done on any device ranging from smart watches to cars with an internet connection, effectively using IBM’s Watson AI program.

Visa emphasizes the fact that the previous 6000 IBM clients from the Watson platform will now be able to pay according to either calculated results from the AI, or according to their usage.

As expressed by the collaboration from Visa and IBM, using this new plan, a driver for example could take a new car off of a lot and pay for it according to the car’s mileage using the Watson AI. Aside from being able to pay for a car, the driver can also order new replacement parts and schedule a visit in order for them to be installed. The two companies predict that by 2021 there will be at least 380 million cars connected.

This not only means that payments will be able to be done automatically, but also that IBM clients will now be able to have access to Visa’s token engine via the cloud. This will mask the card numbers with numerous digit strings, making it safer. Both companies insist that this collaboration will provide more payments to IoT connections.

“Rather than approaching businesses on a one-by-one basis, IBM and Visa provide all customers with instant access to these capabilities so they can immediately begin to build personalized commerce experiences that take into account each consumer’s behaviors and proactively make recommendations based on their unique needs,” was informed to the public during a press release.

The general manager of Watson, Harriet Green, included that “This combination of IBM’s industry-leading IoT technologies with Visa payment services signifies the next defining moment in commerce by allowing payments on any connected object, with new levels of simplicity and convenience for everyone.”

The collaboration announcement is a portion of the IoT conference which is being held in Munich on Thursday.

 

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