IBM, Visa Announce IoT Payments Effort

“The collaboration’s announcement arrives in the same week that Jaguar and Shell announced their pioneering in-car payments system, which lets users pay for gas and other products at Shell stations through their cars’ dashboard interfaces…”

IBM and Visa are aiming to enable payments throughout the Internet of Things with a new collaborative undertaking.

IBM, Visa Announce IoT Payments EffortThe companies have announced that they are going to work together to funnel Visa-secured payments through IoT devices using IBM’s Watson IoT Platform. Essentially, Watson will provide the IT infrastructure for payments through devices like smartwatches or connected cars, and the payments will be secured using Visa’s Token Service, which converts users’ account data into digital tokens that are of little to no use to hackers.

The collaboration’s announcement arrives in the same week that Jaguar and Shell announced their pioneering in-car payments system, which lets users pay for gas and other products at Shell stations through their cars’ dashboard interfaces, and using the PayPal or Apple Pay digital payment platforms. This is the kind of thing envisioned by IBM and Visa, with the distinction that their aim is to bypass the need for one-on-one collaboration with businesses, instead enabling digital payments through any devices using Watson IoT Platform infrastructure.

The companies announced their collaboration at the inaugural IBM Genius of Things Summit this week, at IBM’s new Munich-based Watson Internet of Things headquarters.