Visa Brings Secure Payments to the Internet of Things

Makers of Wearables and Cars Can Now Easily Embed Secure Visa Payments

it is expanding its Visa
program to include Internet of Things (IoT) companies, such as
manufacturers of wearables, automobiles, appliances, public
transportation services, clothing and almost any other connected device.
Emerging IoT companies will join mobile device manufacturers, including
mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled
device manufacturers and other technology partners in the Visa Ready

The Visa Ready Program gives companies one seamless path to integrate
secure payments into their products and services. Visa Ready partners
receive access to industry best practices, tools and resources, and
Visa’s Digital Enablement Program (VDEP), which includes streamlined
access to Visa Token Service (VTS). The Visa
Token Service
, an innovative security technology, 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, who
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.

Mobile technology is accelerating the pace of change in the payments
industry, helping open up new possibilities for a generation of
consumers who increasingly rely on connected devices to manage their
money, shop, pay and get paid. The number of IoT enabled devices is
expected to reach 50 billion by 2020 according to Cisco, providing a
huge opportunity for secure payments to be a feature in just about any
form factor.

“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.”

Visa Ready Program for IoT

The Visa Ready Program is a commercial program designed to provide
innovators with a path to help ensure that devices, software and
solutions can initiate or accept Visa payments. It also provides a
framework for collaboration with Visa, as well as guidance and best
practices to access the power of the Visa network. Mobile point-of-sale
acceptance (mPOS) providers, mobile NFC-enabled device manufacturers,
and chip and platform providers are already playing a critical role in
enabling new ways to pay and benefiting from the Visa Ready Program.

The Visa Ready Program for IoT will also enable device manufacturers to
evaluate, develop and potentially adopt new payment methods that are
already approved by Visa, and can help financial institutions and
merchants drive growth by expanding the use and acceptance of electronic
payments globally.

Visa Token Service

As part of the Visa Ready Program, all participants will use the Visa
Token Service (VTS) 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.

Visa Partner Quotes:

Visa’s partners around the world are sharing their views on Visa Ready
program for IoT manufacturers:

  • “This is the type of secure, frictionless payment enabler that we are
    looking to include in commercial solutions as clients start
    experimenting with how best to take advantage of the IoT,” said Anand
    Swaminathan, managing director of growth & strategy, Accenture
    Digital. “We lead a range of initiatives with contextual commerce
    capabilities that could integrate Visa Token Services. We are looking
    forward to seeing where else Visa Token Services will help make
    IoT-enabled payments easier for customers across any number of
  • “Chronos is focused on bringing the very best of today’s technology to
    the items you already wear; creating seamless devices by distilling
    functionality and technology only to those that provide meaningful
    interactions,” said Luke Fromowitz, co-founder and CTO,
    Chronos. “Chronos believes payment on the wrist is one of those
    interactions; there is no quicker or more convenient method for
    payment than tapping your Chronos powered watch at the register.
    Partnering with Coin and Visa has allowed us to quickly bring this
    technology to the Chronos platform and help push the standard of
    payment processes into the future.”
  • “Coin is excited to be a Visa strategic partner in bringing secure
    payments to IoT devices. We’re giving wearables makers like Chronos,
    enabled by Coin, a seamless solution to integrate payment
    functionality,” said Kanishk Parashar, CEO and co-founder of Coin.
    “Our partnership with Visa is significant because of how it enables
    payment functionality on everyday devices. This is a big opportunity
    for the rapidly growing wearables market, projected to reach $53
    billion in sales by 2019**.”
  • “Visa Ready is about opening secure, convenient payment capabilities
    to a wider range of products and enhancing the overall user
    experience,” said Michael Orlando, co-founder and chief executive
    officer of Fit Pay Inc., which has developed a payment platform
    services for wearable devices. “Integrating our wearable payment
    platform with the world’s largest card network is a critical step to
    bringing contactless payment capabilities to a whole new generation of
    IoT devices, including Pagaré – a payment smart strap we have
    developed for the Pebble Time.”
  • “The growing IoT market, particularly wearables, needs secure
    transactions and connectivity. G&D secures mobile life in the
    connected society,” noted Axel Deininger, senior vice president and
    head of the enterprise security OEM division at Giesecke & Devrient.
    “We are pleased to work with Visa on their new program.”
  • “We’re thrilled to be one of the first smartwatch makers in the Visa
    Ready Program,” said Eric Migicovsky, founder and chief executive
    officer of Pebble. “More than ever, today’s consumers value products
    that make their lives easier. Having the ability to make secure
    payments directly from your wrist is convenient and a great example of
    how a smartwatch can be helpful in your everyday life.”

Partners and device manufacturers seeking more information about the
Visa Ready Program for IoT can visit:

* Source: Cisco,
Source: Juniper Research,$53bn-hardware

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit,
and @VisaNews.


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Visa Inc.
Kryssa Guntrum, 415-805-4488