Why Visa Is Betting on the Internet of Things for Digital Payments

From cars to fridges

COLOGNE, GERMANY—From a connected car app that tells you when it’s time to fill up your tank to a ring that lets you pay for things in stores, Visa has made a big bet on the so-called Internet of Things and is working to find new physical items to plug payment technology into.

“We’re looking to make sure that anything that wants to be payment-enabled, anywhere where there’s a demand for something to be payment-enabled, that we’re working in partnership with those who are building those products [and] bring those services to market,” said Chris Curtin, chief brand and innovation officer at Visa. “We want to be part of that process—not a spectator.”

The bet on the Internet of Things is part of a bigger focus on innovation and technology at Visa, which is “trying to be a company that stands for more than a plastic credit card,” Curtin said. A lot of that stems from partnerships with companies like IBM, Apple and maybe even refrigerator and appliance brands in the future.

Check out the video above to hear more of Curtin’s interview.