Visa Ready Program to Include the Internet of Things

Visa Ready Program to Include the Internet of Things

February 24, 2016         Written By Lynn Oldshue

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.”



The information contained within this article was accurate as of February 24, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time