Visa Ready Program to Include the Internet of Things
Visa has announced that some Internet of Things (IoT) companies, including manufacturers of wearables, automobiles, appliances, public transportation services and clothing, will now be able to embed secure Visa payments in their products using the Visa Ready Program.
Visa Ready partners are given access to tools, resources and Visa’s Digital Enablement Program (VDEP), which includes access to Visa Token Service (VTS). VTS allows users to make secure mobile and digital payments over any Internet connection.
“Visa Ready is about opening secure, convenient payment capabilities to a wider range of products and enhancing the overall user experience,” said Michael Orlando, co-founder and chief executive officer of Fit Pay Inc., which has developed a payment platform services for wearable devices. “Integrating our wearable payment platform with the world’s largest card network is a critical step to bringing contactless payment capabilities to a whole new generation of IoT devices, including Pagaré–a payment smart strap we have developed for the Pebble Time.”
Fit Pay is just one of the new Visa Ready Program partners. Other companies include Accenture, Coin, Giesecke & Devrient and Samsung. These enterprises are working with Chronos and Pebble to embed secured payments into these devices.
“We’re thrilled to be one of the first smartwatch makers in the Visa Ready Program,” said Eric Migicovsky, founder and chief executive officer of Pebble. “More than ever, today’s consumers value products that make their lives easier. Having the ability to make secure payments directly from your wrist is convenient and a great example of how a smartwatch can be helpful in your everyday life.”
According to Cisco, the number of IoT enabled devices is expected to reach 50 billion by 2020, which means consumers will begin to rely on connected devices even more to manage their money, shop, pay and receive payments.
“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 Inc. “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.”