Global online payments leader, Visa chooses not to lag behind when it comes to the Internet of Things (IoT).
Visa has recently announced plans to expand its Visa Ready program in order to attract more developers of solutions for wearables, connected cars, smart houses, clothes, transport and other IoT applications. The company states that all of the existing connected devices will soon be smart enough to process and manage online payments on their own, without any involvement of human beings.
With Visa Ready companies will be able to integrate protected transactions with their proprietary products and services. Visa states that its Visa Token Service, that's based on technology that replaces all payment card's data with a unique ID, is able to guarantee high security of mobile and web payment transactions. It's a critically important announcement given a very high level of IoT devices vulnerability we're observing today.
Imagine being able to pay for a car park with just one click without having to switch between several apps and providing any payment data at all! Doesn't it sound cool? This will only become possible when your car "learns" how to interact with a counter and initiate a certain action [read more about deep learning trends to expect in 2016]. That's type of a framework Visa is currently developing in collaboration with Honda.
Let's dream farther. Do you wish your car were able to pay for gas on its own or would you like to have an app that will alert you of fuel shortage and direct your vehicle straight to the nearest gas station, calculate the cost and let you pay for gas without leaving your car? Visa says it'll make it possible with its expanded Visa Ready program that will soon provide an opportunity for IoT device manufacturers and IoT app developers to enable anything from a smart watch to a smart car to initiate payments.
Visa has already partnered with Accenture, Coin, Fit Pay, G&D and Samsung to provide expertise and technical integration support to IoT innovators for the purpose of payments facilitation.
Using Visa Ready's streamlined certification and pre-approved payment reference design, IoT device manufacturers will be able to deliver secure payments to market with ease and speed. Since most of IoT device manufacturers rely heavily on 3rd party developers and integrators with regards to e-payment engines integration, setup, troubleshooting and upgrade, Visa Ready will also open up additional service opportunities for IoT software solutions development providers like Intersog.
We're looking forward to working with Visa's IoT payment frameworks and embedding innovative and secure payment options into our custom-built IoT products.
And what about you? How else do you think Visa Ready will disrupt IoT payment systems? Have you heard of any serious competitors on horizon? Please comment in the box below!
Featured image: usa.visa.com