IBM, Visa Announce IoT Payments Effort

Harriet Green IBM and Ilse Aigner Bavarian State Minister of Economic Affairs and Media Energy and Technology press the button to activate IBM's new global centre for Watson IoT in Munich

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

Today, Visa and IBM Watson revealed a partnership to use the Watson IoT platform to expand digital payments to connected cars, wearables, and other devices.

IBM said that consumers' devices, cars, or even running shoes, could be turned into a POS payment system. IBM's IoT cloud would then handle the tokens and connect them to different devices.

In addition, Bosch will extend its Bosch IoT Suite services on IBM Bluemix and Watson IoT Platform for custom application development and runtime purposes.

A video explaining the concept can be found here.

"IoT is literally changing the world around us, whether it's allowing businesses to achieve unimaginable levels of efficiency or enabling a washing machine to ensure we never run out of detergent", Harriet Green, general manager, IBM Watson IoT, said in a statement. 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. IoT solution developers will also benefit from the seamless integration with IBM's Watson IoT capabilities. "This combination of IBM's industry leading IoT technologies with Visa payment services, signifies the next defining moment in commerce by allowing payments on any connected object, with new levels of simplicity and convenience for everyone". Well take an IoT connected auto for example, which is linked to the Watson IoT Platform.

For example, a motorist with a auto connected to the Watson platform might be able to receive an alert when a vehicle part needs to be replaced and then order that part or schedule a service appointment with a single push of a button.

IBM and Bosch today have announced a collaboration to help make the Industrial Internet of Things (IIoT) a reality. With this information, the driver could order parts with the push of a button, or schedule a service appointment. Through IoT-integrated payments that could connect cars and gas pumps, the driver could also pay for gas automatically when filling up at a service station. This does mean your payment information would be transmitted more frequently, but Visa and IBM said they have security measures in place.

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