Global payments company Visa has added13 companies to its internet of things (IoT) payments programme, including Infosys, Mahindra Comviva, and Mumbai-based PayCraft.
Through this, the companies will act as a token service provider (TSP) and will have to adhere to a standards-based approach for IoT payments. They will also get access to Visa’s network of tools and services for deploying digital and device-based payments.
This will include the Visa Token Service which provides tokenization service for cards. Tokenization is a security technology that replaces cardholder information, such as account numbers and expiration dates, with a unique digital identifier that can be used for payment without exposing a cardholder’s more sensitive account information. Through this, Visa can link a card to devices such as appliances, car key fobs or wearables with a token, which can be used for payments.
Other companies who are added as TSPs are Rambus, Digiseq, FOO, Pri-Num, Seglan,HST, Prosa, VeriTran, and YellowPepper.
Visa began the token service provider program in October 2016 with initial partners Giesecke+Devrient (G+D), Gemalto and Inside Secure.
By Baishakhi Dutta