IBM Watson IoT to Provide Access to as Many as 20 Billion
Devices for Visa in the Next Five Years
Companies Share Vision for Commerce-Based IoT at First Ever
IBM "Genius of Things" Summit
MUNICH, Feb. 16, 2017 /CNW/ -- IBM (NYSE: IBM) and
Visa Inc. (NYSE: V) today announced the industry's first
collaboration that brings the point of sale everywhere Visa is
accepted, by allowing businesses to quickly introduce secure
payment experiences for any device connected to the Internet of
Things (IoT).
Learn more about Visa's Watson IoT journey:
https://youtu.be/I5nVK-H7Khk
The collaboration brings together IBM's Watson IoT platform and
cognitive capabilities, with Visa's global payments services that
are used by more than 3 billion consumers globally. IBM's Watson
IoT Platform allows businesses to connect to billions of connected
devices, sensors and systems around the world and then draw
actionable insights. Today the platform is used by more than 6,000
IBM clients that are helping customers connect to millions of
devices.
IBM and Visa share a vision and commitment to embed payments and
commerce into any device - from a watch, to a ring, an appliance or
a car. Under this collaboration, companies can infuse secure
payments across their entire product lines using the Visa Token
Service, a new security technology that replaces sensitive payment
account information found on payment cards with a unique digital
identifier, via IBM's Watson IoT platform. As a result, IBM and
Visa could support payments and commerce on many of the 20 billion
connected devices estimated to be in the global economy by
2020i.
"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.
And behind this transformation are companies like Visa and
technologies like IBM's Watson IoT platform," said Harriet Green, general manager, IBM Watson IoT.
"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."
Examples of Commerce-based IoT:
Consider the
consumer's car. Experts estimate there will be 380 million
connected cars by 2021ii. As the car ecosystem connects
to the Watson IoT Platform, a driver would be alerted when the
car's warranty or certification is about to expire or if specific
car parts need replacing. With this information, the driver can
order parts with the push of a button, or schedule a service
appointment at their preferred local garage. The driver could even
pay for gas through a direct interaction between the car and the
gas pump.
Similarly, with a fitness device, an avid runner with a wireless
running chip, could receive a digital alert when it's time to
replace her running shoes, including a recommendation of the best
model, at the best price, from a preferred retailer. Additional
relevant and tailored recommendations could be offered, including
nutrition and equipment recommendations, based on individual
performance, local climates and shopping preferences.
"The Internet of Things is not only driving a more connected
world, it's changing the way we live, shop and pay, by moving data
and the point-of-sale to wherever the consumer wants it to be,"
said Jim McCarthy, executive vice
president, innovation and strategic partnerships, Visa Inc. "With
the power of Watson's cognitive
technologies and IBM's leadership in IoT and security, they are the
ideal partner to help us deliver secure payments to 'virtually
anywhere' and on the enormous scale of the IoT."
How it Works:
In the future with this collaboration,
all of IBM's Watson IoT Platform customers will have access to Visa
payment services via the IBM Cloud. As a result, rather than
approaching businesses on a one-by-one basis, IBM and Visa will
provide all customers with access to these capabilities, so they
can begin to build personalized commerce experiences and
proactively make recommendations based on consumers' unique
needs.
As part of this collaboration, the companies will also ensure
that all consumer information remains secure by leveraging Visa's
Token Service, which replaces sensitive account information found
on payment cards, such as the 16-digit account number, expiration
date and security code, with a unique digital identifier that can
be used to process payments without exposing actual account
details. The Visa Token Service is accessible through a network of
token service providers (TSPs) as part of the Visa Ready
partnership program, which certifies the next generation of
third-party payment solutions to ensure they meet Visa's security
standards and specifications, and will have seamless and secure
global acceptance.
Today IBM is working with more than 6,000 clients, around the
globe and across industries, to help them truly realize the
benefits of IoT. Many of these innovations are on display at IBM's
Watson IoT headquarters in Munich
where today IBM, customers, partners and influencers are gathering
for the first ever Genius of Things Summit. At Genius of
Things, attendees will examine how Watson IoT clients are
implementing IoT solutions to drive exceptional outcomes.
For more information on IBM Watson IoT, please visit
www.ibm.com/iot or follow @IBMGoT and @IBMIoT on Twitter.
For more information on the Visa Ready partner program, please
visit https://usa.visa.com/partner-with-us/visa-ready.html.
For more information on the Visa Token Service, please visit
https://usa.visa.com/partner-with-us/payment-technology/visa-token-service.html.
About Visa
Visa Inc. (NYSE: V) is a global
payments technology company that connects consumers, businesses,
financial institutions, and governments in more than 200 countries
and territories to fast, secure and reliable electronic payments.
We operate one of the world's most advanced processing networks —
VisaNet — that is capable of handling more than 65,000 transaction
messages a second, with fraud protection for consumers and assured
payment for merchants. Visa is not a bank and does not issue cards,
extend credit or set rates and fees for consumers. Visa's
innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
Media Contacts
IBM
Kaveri Camire
914-625-6395
kcamire@us.ibm.com
Visa Inc.
Kryssa Guntrum
415-805-4488
kguntrum@visa.com
IBM
Douglas Fraim
617-501-6376
dfraim@us.ibm.com
____________________________
i Gartner, IoT report, November
2015, http://www.gartner.com/newsroom/id/3165317
ii BI Intelligence, CONNECTED CAR REPORT
http://bit.ly/2jcgEuz
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ibm-and-visa-turn-automobiles-appliances-and-all-other-connected-devices-into-potential-points-of-sale-with-watson-internet-of-things-300408483.html
SOURCE IBM