Preparing for this shift, Visa has made a number of programs and new payment technologies available over the last several years, empowering partners to offer safe, secure and convenient ways to pay across a range of connected devices. This open and templated approach to facilitating payment solutions has culminated in two major consumer electronics manufacturers, Fitbit and Garmin, launching products that will offer Visa account holders new ways to pay.
Both the Fitbit Ionic and Garmin vívoactive 3 take advantage of the Visa Token Service, an innovative technology that replaces sensitive account information with a unique digital identifier, or “token,” and is designed to make payments with mobile devices more secure.
Tap-and-pay wearables are just the beginning. The Internet of Things will slowly, but surely, become a significant part of people’s lives. As the things we use every day increasingly support connectedness, we believe consumers will become more comfortable with and reliant on IoT (even if they don’t call it that), making it something they will expect over time. Effortless payments, in turn, have the potential to be part of each one of those experiences.
For example, when we look ahead to the rise of self-driving autonomous vehicles, we can see how the car will pivot into a roving lounge, freeing consumers from navigation and operation. Commercial opportunities abound for ushering in this new era in which more opportunities open up for the consumer to engage with brands. In the connected home, seamless retail payment options can help consumers make purchases from various household devices—fewer errands mean greater convenience.
For Visa, IoT presents new meaningful opportunities for collaborations, and traversing some learning curves as we experiment with how to best work with diverse new partners in lifestyle companies and hardware manufacturing. These partnerships will ultimately benefit consumers, endeavoring to bring together an ecosystem that can facilitate secure, seamless payment options from anywhere with any device.
Share this article and your thoughts on the next IoT device that you think will be payment enabled.