IBM and Visa announce cool partnership
One of the things we love blogging about are the cool and collaborative innovations that impact consumers’ everyday lives. Retail and payments are two industries that definitely fall into that realm. And yesterday, we learned of a really cool partnership between Visa and IBM.
Visa and the IBM Watson IoT (Internet of Things) platform have announced that they are brining POS functionality and payment acceptance (Visa card acceptance) to any device connected to the internet. According to the official press release, “IBM’s Watson IoT Platform allows businesses to connect to billions of connected devices, sensors and systems around the world and then draw actionable insights.”
By integrating Visa’s Token Service, “companies can infuse secure payments across their entire product lines”. Visa’s Token Service is a new security system that replaces a consumers’ vulnerable account information and replaces it with a unique, digital identifier. This “token” can then be used to build a profile across different sites, platforms and, now, connected devices – thanks to Watson IoT platform.
Here is one of the examples provided in the press release:
“Consider the consumer’s car. Experts estimate there will be 380 million connected cars by 2021 [sourced by BI Intelligence]. As the car ecosystem connects to the Watson IoT Platform, a driver would be alerted when the car’s warranty or certification is about to expire or if specific car parts need replacing. With this information, the driver can order parts with the push of a button, or schedule a service appointment at their preferred local garage. The driver could even pay for gas through a direct interaction between the car and the gas pump.”
We are seeing more and more ways that payments and purchasing are being suggested and made with parallel technologies or via voice commands – think Amazon Echo or Google Home. We’re interested in seeing how this could change personal shopping, payments, and accessibility to information.
How about you? Any thoughts on this collaboration?