Visa and Intel have teamed up to develop payment security for the Internet of Things.
At its outset, there are two major aims to the collaboration. One is to bring Visa’s encryption technology to Intel’s Data Protection Technology for Transactions, the aim here being to render intercepted data useless to hackers. This solution will use Intel chips as its basis.
The other aim is to make the devices being used for payments easily recognizable. This will occur via a system called Intel Online Connect, which will essentially produce secure identification codes for devices using 7th Gen Intel Core chips.
In a statement announcing these efforts, Visa SVP Mark Nelsen explained that while the emergence of the IoT “will rapidly expand the platforms we use to shop and pay,” it’s also going to “open up new entry points for hackers.” It’s a security challenge that “requires a new level of coordination between players in payments, technology and computing.”
The partnership represents an opportunity for Visa to demonstrate its interest in more secure payment technologies, building on work it has already done as exemplified in its biometric payment concept developed with Safran Identity & Security. Intel, meanwhile, is already showing off its Intel Online Connect solution at this week’s Money20/20 conference.