How tokenization and gadgets come together to make transactions.
Visa shares a common goal with the rest of the payments industry:
The death of cash.
“The ultimate goal is to replace cash,” said Avin Arumugam, senior vice president for the Internet of Things, programs and venture at Visa, in an interview with ARC at Mobile World Congress 2017 in Barcelona. “Nobody is saying use more cash. Cash and checks have a horrible marketing budget. They are not easier. They are all dirty, technically (because cash is dirty from people’s hands). We are all trying to chip away.”
According to the payments industry, 85% of global transactions by volume are still done in cash (the industry has been using this number for at least the last seven years). If the payments industry can move that needle just 0.1% towards digital transactions, which represents hundreds of billions of dollars in
To read more see the full post at: How Visa Will Use The Internet Of Things To Help Displace Cash - ARC