Visa Inc (NYSE:V) To Expand Its Services Into The Internet of Things
Visa Inc (NYSE:V) has announced that it will extend its Visa Ready programs to devices designated for the Internet of Things industry.
The new venture means the firm will be working closely with IoT companies in different industries such as public transportation services, the automotive industry, appliances and the wearables industry among others. The announcement is a clear indication of how attractive the Internet of Things industry has become not only to Visa but other firms from different industries.
Visa announced the plans during the Mobile World Congress held in Barcelona. The Visa Ready program will act as a mentorship program for sales geared towards the IoT and also sales over the internet. Visa has previously partnered with other firms to launch payment services and its venture into the Internet of Things is expected to be no different. Visa also offers a unique security feature by issuing tokens through its Token Services. This service allows the company to issue unique identifiers to its customers, thus eliminating the need for personal information.
Visa has already attracted other firms including Samsung, Fit Pay, and Coin. It also expects to attract other firms as the service gains traction. The card company has also announced that it will also push its existing hardware partners to support secure payments on certified devices. Jim McCarthy, the executive VP of Visa’s strategic and innovation partnerships stated that customers are becoming more dependent on connected and smart devices to make their lives easier.
Mr. McCarthy also pointed out that Visa aims to transform internet connections into a commercial experience through the input of payments into IoT devices. The company has also been making significant efforts in the mobile payments industry. The firm added the NFL shop, Walgreens Boots Alliance Inc (NASDAQ:WBA) and Starbucks Corporation (NASDAQ:SBUX), Home Shopping Network among others onto its Visa Checkout in January. The company had also upgraded its Point-of-sales systems at the Levi’s Stadium before the Super Bowl.