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Visa Brings Secure Payments to the Internet of Things

Fit Pay, Inc. was very pleased to be a part of Visa’s launch of its Visa Ready program at the Mobile World Congress 2016 in Barcelona, Spain.  Here is the press release from Visa, which includes a quote from Fit Pay Co-founder and CEO Michael Orlando:

Visa Brings Secure Payments to the Internet of Things

Makers of Wearables and Cars Can Now Easily Embed Secure Visa Payments

BARCELONA, Spain & SAN FRANCISCO–(BUSINESS WIRE)–Feb. 21, 2016– MOBILE WORLD CONGRESS – Visa Inc. (NYSE:V), today announced that it is expanding its Visa Ready program to include Internet of Things (IoT) companies, such as manufacturers of wearables, automobiles, appliances, public transportation services, clothing and almost any other connected device. Emerging IoT companies will join mobile device manufacturers, including mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers and other technology partners in the Visa Ready Program.

The Visa Ready Program gives companies one seamless path to integrate secure payments into their products and services. Visa Ready partners receive access to industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS). The Visa Token Service, an innovative security technology, allows secure mobile and digital payments anywhere there is an Internet connection.

The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles. Initial Visa Ready partners include Accenture, Coin, Giesecke & Devrient, Fit Pay, and Samsung, who will work with device manufacturers including Chronos and Pebble, to help embed secure payments in consumer devices and have those devices certified as Visa Ready.

Mobile technology is accelerating the pace of change in the payments industry, helping open up new possibilities for a generation of consumers who increasingly rely on connected devices to manage their money, shop, pay and get paid. The number of IoT enabled devices is expected to reach 50 billion by 2020 according to Cisco, providing a huge opportunity for secure payments to be a feature in just about any form factor.

“More and more, consumers are relying on smart appliances and connected devices to make their lives easier,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc. “By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers.”

Visa Ready Program for IoT

The Visa Ready Program is a commercial program designed to provide innovators with a path to help ensure that devices, software and solutions can initiate or accept Visa payments. It also provides a framework for collaboration with Visa, as well as guidance and best practices to access the power of the Visa network. Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are already playing a critical role in enabling new ways to pay and benefiting from the Visa Ready Program.

The Visa Ready Program for IoT will also enable device manufacturers to evaluate, develop and potentially adopt new payment methods that are already approved by Visa, and can help financial institutions and merchants drive growth by expanding the use and acceptance of electronic payments globally.

Visa Token Service

As part of the Visa Ready Program, all participants will use the Visa Token Service (VTS) security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.

Visa Partner Quotes:

Visa’s partners around the world are sharing their views on Visa Ready program for IoT manufacturers:

  • “This is the type of secure, frictionless payment enabler that we are looking to include in commercial solutions as clients start experimenting with how best to take advantage of the IoT,” said Anand Swaminathan, managing director of growth & strategy, Accenture Digital. “We lead a range of initiatives with contextual commerce capabilities that could integrate Visa Token Services. We are looking forward to seeing where else Visa Token Services will help make IoT-enabled payments easier for customers across any number of situations.”
  • “Chronos is focused on bringing the very best of today’s technology to the items you already wear; creating seamless devices by distilling functionality and technology only to those that provide meaningful interactions,” said Luke Fromowitz, co-founder and CTO, Chronos. “Chronos believes payment on the wrist is one of those interactions; there is no quicker or more convenient method for payment than tapping your Chronos powered watch at the register. Partnering with Coin and Visa has allowed us to quickly bring this technology to the Chronos platform and help push the standard of payment processes into the future.”
  • “Coin is excited to be a Visa strategic partner in bringing secure payments to IoT devices. We’re giving wearables makers like Chronos, enabled by Coin, a seamless solution to integrate payment functionality,” said Kanishk Parashar, CEO and co-founder of Coin. “Our partnership with Visa is significant because of how it enables payment functionality on everyday devices. This is a big opportunity for the rapidly growing wearables market, projected to reach $53 billion in sales by 2019**.”
  • “Visa Ready is about opening secure, convenient payment capabilities to a wider range of products and enhancing the overall user experience,” said Michael Orlando, co-founder and chief executive officer of Fit Pay Inc., which has developed a payment platform services for wearable devices. “Integrating our wearable payment platform with the world’s largest card network is a critical step to bringing contactless payment capabilities to a whole new generation of IoT devices, including Pagaré – a payment smart strap we have developed for the Pebble Time.”
  • “The growing IoT market, particularly wearables, needs secure transactions and connectivity. G&D secures mobile life in the connected society,” noted Axel Deininger, senior vice president and head of the enterprise security OEM division at Giesecke & Devrient. “We are pleased to work with Visa on their new program.”
  • “We’re thrilled to be one of the first smartwatch makers in the Visa Ready Program,” said Eric Migicovsky, founder and chief executive officer of Pebble. “More than ever, today’s consumers value products that make their lives easier. Having the ability to make secure payments directly from your wrist is convenient and a great example of how a smartwatch can be helpful in your everyday life.”

Partners and device manufacturers seeking more information about the Visa Ready Program for IoT can visit: https://usa.visa.com/partner-with-us/visa-ready.html

* Source: Cisco, http://www.cisco.com/c/en/us/solutions/internet-of-things/overview.html
** Source: Juniper Research, http://www.juniperresearch.com/press/press-releases/smart-wearables-market-to-generate-$53bn-hardware

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visavisacorporate.tumblr.com and @VisaNews.

Source: Visa Inc.

Press Only
Visa Inc.
Kryssa Guntrum, 415-805-4488
kguntrum@visa.com
globalmedia@visa.com

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Fit Pay Launches Kickstarter Campaign to Support Contactless Payments for Pebble Time Family of Smartwatches

Pagaré for Pebble enables easy and secure payments with a wave of the wrist

San Francisco, Calif. – (February 8, 2016) – Fit Pay, Inc. today launched a Kickstarter crowdfunding campaign to support the final production and market availability of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new smartstrap, called PagaréTM, enables Pebble Time, Pebble Time Steel and Pebble Time Round users to make secure, contactless payments at millions of retail locations worldwide.

“PagaréTM adds a compelling new capability to the Pebble Time line up,” said Michael Orlando, co-founder and chief executive officer of Fit Pay. “PagaréTM gives Pebble Time users access to the simplest, fastest and most secure way to pay.”

PagaréTM will use Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated 9 million retail locations worldwide, is becoming a ubiquitous payment acceptance technology at the POS. PagaréTM will leverage Fit Pay’s Trusted Payment ManagerTM platform, which enables contactless payment capabilities on a wide range of wearable devices.

“We expect PagaréTM will really excite our community. It’s a great example of how our open platform allows Pebble to become even more useful in the everyday lives of more people,” said Eric Migicovsky, founder and chief executive officer of Pebble. “Kickstarter is an amazing platform to showcase this innovative smartstrap.”

Pebble made history by becoming the first smartwatch in the market to be funded with the help of Kickstarter backers. Its Kickstarter campaign for the Pebble Time raised more than $20M from nearly 80,000 backers. Pebble users, with either Android™ or iPhone® smartphones, can now add contactless payments by connecting Pagaré to the smart accessory port of the smartwatch.

Fit Pay’s goal was to make Pagaré nearly indistinguishable from a traditional Pebble strap. The company worked directly with Pebble’s suppliers to provide the same materials, colors and finish for the Pebble Time, Pebble Time Steel and Pebble Time Round. The result is a beautiful, high-quality accessory that adds a significant new capability. Hi-Res photos and graphics of Pagaré are available by accessing the media kit.

Pagaré Features

  • Pagaré enables users to make phone-free transactions with the wave of a wrist. It leverages existing point-of-sale contactless technology that is already in use at millions of retail locations worldwide.
  • With bank-level security, Pagaré protects sensitive personal data at all times, even if a Pebble is lost or stolen.
  • Authentication technology allows high value transactions at the point of sale without additional authentication, where available.
  • Pagaré replaces the standard Pebble charging port with a USB connector at the end of the payment strap. No cables required, just plug in Pebble with Pagaré to any USB port to charge the smartwatch and strap.
  • Pagaré works with a consumer’s existing credit and debit cards using a secure, tokenized and Issuer-approved solution.

Pagaré’s Kickstarter page, which launched today, includes an Early Bird tier of only $49, which is $40 below the anticipated retail price of $89. Backers who contribute $199 or more receive a Pagaré and a Pebble Time smartwatch. This enables backers to pledge an amount equal to the MSRP of a Pebble Time and receive both the smartwatch and the Pagaré payment strap as a reward – a very compelling reason to back the project. Fit Pay’s target for the Kickstarter campaign is $120,000. The company anticipates shipping Pagaré in mid-2016.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. Fit Pay offers an entirely new way for transacting payments using a wearable device. Find Fit Pay and Pagaré on Facebook, Twitter and Instagram.

About Pebble

Based in Redwood City, California, Pebble builds wearable technology that enhances, simplifies, and blends into our lives. Since making crowdfunding history in 2012, Pebble put wearable technology on the map and has sold more than 1 million smartwatches across the globe. In 2015, the company launched Pebble Time, Pebble Time Steel and Pebble Time Round providing smartwatches for every type of user whether they’re busy travelers, fitness enthusiasts, fashionistas or just lovers of cool technology. Pebble smartwatches support both Android™ and iPhone® smartphones and also feature an open platform for developers to make awesome new apps or watchfaces. Learn more at Pebble.com.

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Contact:

Chris Orlando

Orlando & Associates

Chrisorlando@orlando-inc.com

(760) 468-7273

 

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Fit Pay Completes $3.1M Seed Funding Round

Capital will enable the company to bring its contactless payment platform for wearables to market

San Francisco, Calif. – (February 4, 2016)Fit Pay, Inc. today announced the closing of $3.1M in seed funding led by Giesecke & Devrient (G&D), a leading supplier of mobile security products, software and solutions to banks, mobile network operators, and OEMs. Fit Pay has developed a payment enablement platform that allows wearable device manufacturers to seamlessly add contactless payment capabilities to their products.

“The G&D investment not only validates our core business proposition of enabling a wider range of products to transact contactless payments, but also brings a strategic partner that will help us accelerate our growth,” said Michael Orlando, Fit Pay’s co-founder and chief executive officer.

“We are pleased to support Fit Pay’s vision for transforming wearables,” explains Scott Marquardt, president, Giesecke & Devrient America, Inc. “The Fit Pay platform, in combination with G&D’s capabilities in embedded secure operating systems, applications and credentials lifecycle management, brings a complete end-to-end portfolio to Fit Pay’s prospective wearable device partners.”

Fit Pay’s payment platform uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated 9 million retail locations worldwide, is becoming a ubiquitous POS payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows contactless payment capabilities on a wide range of wearable devices. Fit Pay’s future applications may include transit, secure authentication, and other secure identification use cases.

Fit Pay completed San Francisco-based Plug and Play Tech Center’s FinTech Accelerator Program last fall. Plug and Play participated in this seed-funding round as well. In December, Fit Pay was selected from among hundreds of participants as the winner of the Comerica Bank and RocketSpace $50,000 Wearable FinTech Startup Challenge.

Fit Pay will launch a Kickstarter crowdfunding campaign on February 8, 2016 to support the commercialization of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new payment smartstrap, called PagaréTM, enables Pebble Time users to make secure, contactless payments at millions of retail locations.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. Fit Pay offers an entirely new way for transacting payments using a wearable device. www.fit-pay.com