Gajda said the move to NFC in all sort of objects and in-car payments is a step in Visa's steady movement to replace cash and checks. "That's our competition — cash and checks," he said.
Since so many people already have smartphones, many equipped with NFC for payments, why would anyone want to put secure payment information in a car's computer? Gajda said that having that payment data in a car would make it easier to pay for tolls, as a car quickly passes a toll gate. The same approach might apply to passing an entry point to attend a football game, paying for parking and potentially for the tickets.
Because Visa and other card companies are expected to add dynamic data elements, like a unique code, to each transaction, it means that even if a hacker somehow stole credit card information from a car, that person's account could not be used elsewhere for purchases, Gajda said.
With so many ways to pay in the future, credit card companies are now referring to "ambient commerce" for the "ambient consumer."
"It can be seamless," Gajda said. "People just want to conduct commerce, they don't want to pay."
Gajda said that ease of payments with emerging technologies will be important in developed countries, but also in other countries that depend heavily on cash. "In some emerging countries, it is dangerous to carry cash," he said.
Sign up for CIO Asia eNewsletters.