Visa Brings Secure Payments to the Internet of Things
Makers of Wearables and Cars Can Now Easily Embed Secure Visa Payments
The Visa Ready Program gives companies one seamless path to integrate secure payments into their products and services. Visa Ready partners receive access to industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS). The Visa Token Service, an innovative security technology, allows secure mobile and digital payments anywhere there is an Internet connection.
The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles. Initial Visa Ready partners include
Mobile technology is accelerating the pace of change in the payments industry, helping open up new possibilities for a generation of consumers who increasingly rely on connected devices to manage their money, shop, pay and get paid. The number of IoT enabled devices is expected to reach 50 billion by 2020 according to
“More and more, consumers are relying on smart appliances and connected devices to make their lives easier,” said
The Visa Ready Program is a commercial program designed to provide innovators with a path to help ensure that devices, software and solutions can initiate or accept Visa payments. It also provides a framework for collaboration with Visa, as well as guidance and best practices to access the power of the Visa network. Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are already playing a critical role in enabling new ways to pay and benefiting from the Visa Ready Program.
Visa Token Service
As part of the Visa Ready Program, all participants will use the Visa Token Service (VTS) security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.
Visa Partner Quotes:
Visa’s partners around the world are sharing their views on Visa Ready program for IoT manufacturers:
- “This is the type of secure, frictionless payment enabler that we are looking to include in commercial solutions as clients start experimenting with how best to take advantage of the IoT,” said
Anand Swaminathan, managing director of growth & strategy, AccentureDigital. “We lead a range of initiatives with contextual commerce capabilities that could integrate Visa Token Services. We are looking forward to seeing where else Visa Token Services will help make IoT-enabled payments easier for customers across any number of situations.”
- “Chronos is focused on bringing the very best of today's technology to the items you already wear; creating seamless devices by distilling functionality and technology only to those that provide meaningful interactions,” said
Luke Fromowitz, co-founder and CTO, Chronos. “Chronos believes payment on the wrist is one of those interactions; there is no quicker or more convenient method for payment than tapping your Chronos powered watch at the register. Partnering with Coin and Visa has allowed us to quickly bring this technology to the Chronos platform and help push the standard of payment processes into the future.”
- “Coin is excited to be a Visa strategic partner in bringing secure payments to IoT devices. We’re giving wearables makers like Chronos, enabled by Coin, a seamless solution to integrate payment functionality,” said Kanishk Parashar, CEO and co-founder of Coin. “Our partnership with Visa is significant because of how it enables payment functionality on everyday devices. This is a big opportunity for the rapidly growing wearables market, projected to reach
$53 billionin sales by 2019**.”
- “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.”
- “The growing IoT market, particularly wearables, needs secure transactions and connectivity. G&D secures mobile life in the connected society,” noted
Axel Deininger, senior vice president and head of the enterprise security OEM division at Giesecke & Devrient. “We are pleased to work with Visa on their new program.”
- “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.”
Partners and device manufacturers seeking more information about the