Visa develops ambitious project to turn any Internet-connected device into a point of sale

16 February 2017

Visa is turning every Internet-connected device into a point of sale through the joint project with IBM. Powered by IBM’s Watson technology and Visa card payment processing the new project will bring secure payment functionality to every Internet-connected device the number of which, as estimated by the analysts, will account for 20 billion in just 3 years.

In the framework of the new initiative Visa cardholders will be provided with access to secure payments from various connected gadgets and devices including cars and appliances through a secure processing protocol of Visa Token Service which replaces the personal information of the customer with the special digital code identifying the cardholder.

According to the statement made by the two companies as part of the project Watson IoT customers will also be using Visa payment service on the IBM Cloud. Within the following four years 380 million cards will be connected as reported by the companies.

The new solution will be informing the drivers about the upcoming expiration of their car warranty and the need to replace the details or perform any inspection of their vehicle, based on which the drivers may schedule the prolongation of the warranty or car service just pressing the button on their dashboard, and payment information will be by default included into that experience.

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