A Visa partner shows how an embedded chip can be used in a traditional watch for device payment.
Visa predicts payment avenue boom by 2022
The rise of new forms of Internet of Things (IoT) and artificial intelligence (AI), empowered by big data analytics, will lead to new methods of payment, with Visa Inc predicting 30 billion ways to pay and 400 million ways to be paid by 2022.
“The greater number of merchant locations, the greater number of ways there are to pay, opening huge opportunities for digital payments,” Chris Clark, regional president of Visa Asia-Pacific, recently said at the Visa Security Summit in Singapore. Visa is partnering with third parties to ensure payment is accessible to its 3 billion cardholders and 46 million merchants worldwide.
Apart from financial institutions, the company has also collaborated with fintech firms and local startups by opening the Application Programming Interface (API) to them, providing for payment service innovation and shortening the development life cycle.
11 Jun 2018 at 08:30
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