This year’s Mobile World Congress has witnessed many game-changing announcements from tech giants. In this series, VISA Inc announced that it will make IoT payments secure. As per the reports, the company announced that it would expand Visa Ready program to include many IoT-based businesses in fields like automobiles, wearable, public transportation services, appliances, and clothing.
Visa’s entry into IoT market does not come as a surprise, since a couple of months ago, MasterCard had announced its entry into this field. IoT is growing and the adoption by major players only makes this confidence in IoT grow.
Selected companies from these areas will join mobile NFC-enabled device manufacturers, point-of-sale acceptance (mPOS) providers and other technology partners in this program and develop appropriate solutions to create a seamless path that can integrate secure payments into their services and products. As part of this program, all the partners will get access to Visa Token Service, which enables secure digital and mobile payments anywhere anytime.
Read More: MasterCard Forays into IoT
Those companies that come on board initially will focus on executing payments for automobiles and wearables. Some of the companies that have agreed to join Visa Ready program include names like Accenture, Giesecke & Devrient, Coin, Samsung and Fit Pay.
According to Cisco, the number of IoT enabled connected devices is expected to surpass 50 billion mark by 2020, creating a massive opportunity for mobile payments to become a part of users’ routine lives. In that case, enterprises will need a solution to process payments with utmost security, and VISA Ready can be their one-stop solution. You can learn more about this program here.