Visa announced last week the launch of a large innovation center and office space in San Francisco that will provide Visa clients, partners and technology developers a combined space to develop new commerce applications.
The 112,000 square foot innovation center is located at One Market Street in San Francisco, where it will be home to more than 500 employees, including technology experts, who will be responsible for developing commerce applications for every internet-connected device, according to a Visa press release.
Research from ABI showed more than 30 billion devices are expected to be connected to the Internet of Things (IoT) by 2020, and another survey by the Pew Research Center found that 83 percent of technology experts and internet users concur that the IoT will have beneficial effects by 2025.
“Realizing our vision to remain the best way to pay and be paid – for everyone, everywhere – requires a commitment to collaborate and foster innovation,” Visa CEO Charlie Scharf said. “One Market will enable our product developers to directly engage with clients and partners in the tech community, and extend the security and simplicity of Visa payments to billions of connected devices and new consumer applications.”
One Market’s innovation center will allow experts to interact with one another and collaborate on new products, including mobile, security and cloud-based technologies.
“I am excited that Visa has chosen San Francisco as home for its new technology and innovation center,” San Francisco Mayor Edwin M. Lee said. “With our world-class, diverse workforce, San Francisco is an ideal hub of innovation for Visa and their many clients and partners.”