Visa and IBM are partnering on an ambitious Internet of Things project to bring the point of sale to everywhere Visa is accepted. The goal: Enable businesses to introduce secure payment facilities to devices connected to the Internet of Things (IoT).
This means that any connected devices can potentially be turned into a point of sale. It is widely expected that more electronic devices, well beyond tablets and mobile phones, will be joining the IoT in coming years.
The collaboration combines IBM’s Watson IoT platform and cognitive capabilities with Visa’s global payment systems, currently in use with three billion customers globally. The IoT platform will allow businesses to connect to billions of connected devices, sensors and systems around the world, and to draw actionable insights from these.
The platform is already in use by more than 6,000 IBM clients.
The ultimate vision of the two companies is to embed payments and commerce into any device – for example a watch, a ring, an appliance and a car. They want to infuse secure payments across their entire product lines using the Visa Token Service, a new technology that replaces sensitive account information found on payment cards with a unique digital identifier, via IBM’s Watson IoT platform.
There is scope here for IBM and Visa to be supporting payments and commerce on 20 billion connected devices by 2020.
“IoT is literally changing the world around us, whether it’s allowing businesses to achieve unimaginable levels of efficiency or enable a washing machine to ensure we never run out of detergent,” says Harriet Green, general manager at IBM’s Watson IoT platform.
• The Internet of Things is driving a more connected world and changing the way humans live, shop and pay by moving data and the point of sale to wherever the consumer wants it to be.
• The collaboration means that IBM and Visa will be able to provide all their business customers with access to their IoT capabilities.
• This will allow them to build personalized commerce experiences and proactively make recommendations based on consumers’ unique needs.
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Source: SANS ISC SecNewsFeed @ February 23, 2017 at 03:15PM