As part of the deal, both companies will deploy a token sharing architecture that ties a device that is managed by IBM’s cloud infrastructure. Visa's Token Service gives information found on payment cards a unique digital identifier. IBM's IoT cloud would manage these tokens and connect them to devices.
In Visa and IBM's vision of commerce, various endpoints would be authorized to buy goods. An example would be a device in the supply chain that allocates a purchase to the correct cost centre within a company. Among other industries and users that could benefit from this partnership, we mention automobiles and appliances, printers and copiers would be obvious markets, as would small business needs.
While this partnership is not yielding customer facing technology yet, both companies see new business models emerging. IBM's Watson IoT unit is aiming to provide access to as many as 20 billion devices for Visa over the next five years, according to ZDnet.
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