Visa plans to dominate the Internet of Things
According to cashless transaction titan Visa’s CEO, Al Kelly, the Internet of Things will be a huge opportunity for companies in the payments game. Visa has been subtly evolving in line with the times: it was once exclusively a cash card company (both debit and credit), but as the winds of change have blown through the payment industry, Visa has let itself be blown along quite happily: now, the company has moved into mobile payments and contactless options. What’s next? A Visa payment being made by your fridge or toaster, according to Kelly.
Visa’s share price has appreciated by more than 9% year to date
SOURCE: Yahoo Finance
Speaking to CNBC, Kelly said: "As the internet of things emerges and we see many more connected homes, connected cars and connected offices, you may end up with four, five, six, eight places in your home where you could actually buy from. We at Visa are trying to make sure that we work with manufacturers around the world to create an on-ramp to facilitate payments from any of those locations. We just want to be in the middle of that."
There are challenges, Kelly says. For one thing, as the company moves beyond traditional points of sale, how payments are certified, and where they go will change dramatically: "Over time we want to talk much more about payment credentials, which could be real — a real form factor — or they could simply be numbers in the digital world. The words “merchant locations” or “businesses” are also going to become obsolete."
There is, however, one place that Visa just won’t go, according to Kelly: Bitcoin. Based on the cryptocurrency’s performance this year, who can blame him!
Dominion holds Visa in its Global Trends Ecommerce Fund.
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