Visa And IBM Are Now Talking About Wearable Payment Methods
Imagine a world in which you could literally pay for gas with a flick of the wrist, or where you could just wave your hand in order to check out at the local clothing store. For years, people have talked about how convenient it would be to have a payment method that was wearable, stylish, and secure. In fact, it’s been a subject of conversation for decades. Up until recently, current financial technology didn’t have the ability to actually do anything similar. However, times are changing and two of the biggest finance and tech giants are in talks about how to make wearable payment methods work.
The two companies have recently released news that they are working on creating a new wave of payment methods, all of which would involve wi-fi and internet to send payments to stores without the need for a terminal. Rather, the devices that they want to engineer will work through IBM’s IoT Watson platform, much like many mobile payment platforms are now.
According to spokespeople, the new gear will use Visa’s token sharing architecture tied in with IBM’s cloud infrastructure. The token service gives the payment a unique ID, which is then transmitted via the IoT cloud to different devices. This means that the two companies will be unleashing technology that moves the point of sale to wherever the customer will be. However, chances are high that there will still be a need for a terminal – if only to ensure that people are capable of seeing that the people who use wearables will pay.
Currently, there’s a good chance that there will be delays in this new tech reaching the public. Security issues including the possibility of sniffers causing data breaches are a concern among fintech professionals. As with any other form of payments processing, it also will take a couple of ears for people to feel comfortable enough with the technology to actually use it on a regular basis. So, don’t get too worried about having to offer this payment type in the near future. As of the writing of this article, there’s no store in America that has this gear in place right now.
Even though this tech isn’t expected to hit stores for another couple of years, the promise of wearable or built-in payments technology is proof enough that the world of merchant processing is constantly evolving.
Business owners who want to make sure that they keep up with the latest advancements need to talk to a company that understands the importance of technology in business operations. That’s why Red Payments continues to be the best merchant service choice for business owners of every size. Want a new terminal, or advice on how to update your services? Give Red Payments a call, and we’ll be happy to help.