Point-of-Sale (POS) systems have been transforming since the invention of Square. Most modern restaurants have adopted this more simplistic, yet sophisticated, form payment. They has gotten more intuitive by asking our signatures by using our fingers on screen. This usability is now going global.
Visa and IBM are partnering to provide Watson IoT customers with Visa Token. This essentially turns all smart devices into payment terminals. For example, if you have a car, you can use your car touchscreen to pay for gas when you’re at the station. In a more complex situation, you’ll be able to pay for the miles you use on your car instead of the base 15,000k/yr lease. Your shoes can track how many miles you have run and alert you to buy new ones.
I believe that this is a great thing. However, I am concerned about security. Each device will have access to your payment information. Each device that utilizes this token service should be well encrypted. Two-factor authorization is an absolute must, including a biometric password. Privacy can also raise caution. These tokens will track your purchase history and personal habits. This technology has the power to automate Amazon Dash, which is scary. It can decide when you run out of a good, and automatically order it for you. But in the end, it is your choice to use the services. I certainly will.
https://www.finextra.com/newsarticle/30150/ibm-and-visa-join-forces-to-turn-billions-of-connected-devices-into-points-of-sale