Payments company Visa is now focusing on the wearable devices in the market along with the in-car payment services. The Payments giant Visa is looking forward towards expanding its seamless smart payment solution which is Visa Ready that will target 50 billion connected IoT services by 2020.
Earlier the Visa Ready programe was used by the mobile point-of-sale acceptance while the mobile NFC enabled manufacturers and chip and platform providers will include other IoT companies like automobiles, wearables, public transport, appliances, services and clothing.
The company in a statement said that the Visa Ready Program for IoT will also allow the device manufacturers to develop and evaluate the new payment methods which are already approved by Visa. Visa says that the companies who join the program will have an access to the R&D resources along with Visa’s Digital Enablement program that also includes streamlined access to Visa Token Services.
To use such a system the consumer can load their Visa card to their connected devices after which the device will send a card load request to a token requester, who will later request a payment credential from VTS. Here comes the Visa Risk Manager who will make the decision whether to carry out the payment based on the approval rules that were established by the Visa Card issuer.
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