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Tuesday, February 21, 2017

Mobile Insider: Visa, IBM's Watson Team For Consumer Payments Through IoT Devices | Mobile Insider

Follow on Twitter as @chuckmartin
Chuck Martin, editor of the IoT Daily at MediaPost and writes the daily Connected Thinking and MobileShopTalk columns summarizes, "The Internet of Things comprises billions of sensors around the world and many of those sensors will ultimately lead to transactions."

Photo: Mobile Insider

As many of those transactions will involve payments, IBM and Visa are now teaming so that those payments can be made through any IoT device.

IBM’s Watson, of Jeopardy fame, already allows businesses to connect to billions of connected devices, sensors and systems globally, from which Watson gains insights.

On the other side, Visa’s global payments already are used by more than 3 billion consumers.

The idea is to tie the two together, so that payments can be made by any smart or connected device, such as a smartwatch, appliance or a car.

Companies would use the Visa Token Service via IBM’s Watson IoT platform, which uses a unique digital identifier rather than payment account information found on payment cards.

Future methods of payments through IoT devices can only be imagined. Here are a few scenarios suggested by IBM: 

Source: MediaPost Communications