Connected Devices Usher In Next Generation of Payment Processing
Connected devices and the Internet of Things (IoT) have given modern businesses a new lease on life. From the sheer amount of data collected to the numerous conveniences IoT provides, this cutting-edge technology is taking companies to unforeseen heights. And as it happens, one of those peaks lies in payment processing.
With mobile point-of-sale solutions gaining popularity, IBM and Visa have put their collective minds together to make an already appealing technology even more attractive. According to Chain Store Age, these two giants share a vision in which any connected device can serve as a method of secure payment processing. Perhaps it’s a lofty goal, but if anyone can pull it off, it’s this team.
IBM and Visa envision secure payment processing working through a combination of Visa’s Global Payments/Token Service and an army of IoT devices. The Visa Token Service provides a flexible platform upon which any connected device can process payments securely, without the need to divulge sensitive account information.
With Visa supplying the payment capabilities and connected devices offering up the requisite hardware, all that’s needed is an intelligent back end to tie it all together. IBM’s IoT platform acts as the glue that holds the strategy together. Users will be able to connect with Visa services through IBM Cloud to embed secure payments directly into their own product lines while also leveraging cognitive computing to connect to and derive insights from countless devices.
Making Mobility Manageable
As useful as it will be to infuse an army of IoT devices with payment-processing abilities, some might raise an eyebrow at the thought of managing such a seemingly unwieldy array of end points. Fortunately, IBM has enough tricks up its sleeve to iron out the kinks. The idea is to leverage enterprise mobility management (EMM) strategies to unify the ambitious diversity of IoT payment processing.
When it comes down to it, IoT was born for this kind of challenge: giving vendors a nearly limitless flexibility to introduce new points of sale where they’re needed most. With the help of IBM, Visa’s global payments system and a touch of EMM, businesses will be able to securely process payments in new and innovative ways.