IBM, Visa partner to enable secure payments via IoT devices
IBM and Visa Inc. have collaborated allowing businesses to quickly introduce secure payments for any device connected to the Internet of Things (IoT).
The collaboration brings together IBM's Watson IoT platform and cognitive capabilities with Visa's global payments services. IBM's Watson IoT Platform aims to allow businesses to connect to billions of connected devices, sensors and systems around the world and then draw actionable insights.
The collaboration will enable IBM's Watson IoT Platform customers will have access to Visa payment services via the IBM Cloud. As a result, rather than approaching businesses on a one-by-one basis, IBM and Visa will provide all customers with access to these capabilities, so they can begin to build personalized commerce experiences and proactively make recommendations based on consumers' unique needs.
Under this collaboration, companies can infuse secure payments across their entire product lines using the Visa Token Service, a new security technology that replaces sensitive payment account information found on payment cards. such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual account details, with a unique digital identifier, via IBM's Watson IoT platform.
The Visa Token Service is accessible through a network of token service providers (TSPs) as part of the Visa Ready partnership program, which certifies the next generation of third-party payment solutions to ensure they meet Visa's security standards and specifications, and will have seamless and secure global acceptance.