Visa Brings Secure Payments To Internet Of Things

SAN FRANCISCO -- Visa Inc. is expanding its Visa Ready program to Internet of Things (IoT) companies, which include manufacturers of wearables, automobiles, appliances, public transportation services, clothing and almost any other connected device. Emerging IoT companies will join device manufacturers already in the program, most of which come from the mobile payments industry.

Visa Ready reportedly gives companies one seamless path to integrate secure payments into their products. The program's partners receive access to industry best practices, tools and resources, along with Visa's Digital Enablement program, which includes streamlined access to Visa Token Service. The token service 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 Accenture, Coin, Giesecke & Devrient, Fit Pay and Samsung, which will work with device manufacturers, including Chronos and Pebble, to help embed secure payments in consumer devices and have those devices certified as Visa Ready.

"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."

As part of the Visa Ready program, all participants will use the Visa Token Service 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.