IBM and Visa have announced the industry’s first collaboration bringing point of sale everywhere that Visa is accepted, by introducing secure payment services for any device connected to Internet of Things (IoT).
The collaboration brings together IBM’s Watson IoT platform and Visa’s global payment services that are used by over three billion people. IBM Watson IoT platform customers will have access to Visa payment services via the IBM cloud. As a result, consumers with access to these capabilities can build personalised commerce experiences. With innovation in payments soaring, it is predicted that it won’t be long before the platform is compatible for use in cars, fitness devices, and any device that can be connected to the ecosystem of the Watson IoT platform.
“IoT is literally changing the world around us, whether it’s allowing businesses to achieve unimaginable levels of efficiency or enabling a washing machine to ensure we never run out of detergent. And behind this transformation are companies like Visa and technologies like IBM’s Watson IoT platform,” said Harriet Green, general manager, IBM Watson IoT.
“This combination of IBM’s industry leading IoT technologies with Visa payment services, signifies the next defining moment in commerce by allowing payments on any connected object, with new levels of simplicity and convenience for everyone.”
IBM Watson’s IoT is said to be able to provide access to as many as 20 billion devices for Visa in the next five years.
“The Internet of Things is not only driving a more connected world, it’s changing the way we live, shop and pay, by moving data and the point-of-sale to wherever the consumer wants it to be,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc. “With the power of Watson’s cognitive technologies and IBM’s leadership in IoT and security, they are the ideal partner to help us deliver secure payments to ‘virtually anywhere’ and on the enormous scale of the IoT.”
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Official figures from the Office for National Statistics (ONS) showed that retail sales fell by 0.3% in January 2017.
IBM has been actively working with companies to make blockchain ready and integrated for businesses.
Yet more Google technology is infiltrating the payments industry.