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November 10, 2015

MasterCard Launches New Program that can Turn any Consumer Gadget, Accessory or Wearable into a Payment Device


Photo: MasterCard Index of Consumer Confidence Asia Pacific Region 2014. Image provided by & Copyright © MasterCard News.




Photos: Commerce for Every Device: Car Key Fob, Ring, Wristband. Images provided by & Copyright © MasterCard News.


Photo: MasterCard partners with designer Adam Selman to design the next generation of payment wearables. In this picture, the payment-enabled dress and accessories are being modeled by Kelly Rohrbach on October 25, 2015 in Las Vegas, Nevada. Image provided by & Copyright © MasterCard News.

MasterCard is introducing a new program that will bring MasterCard payments to a wide array of consumer products across the automotive, fashion, technology, wearables, and yet to be imagined categories.

The program gives consumers the freedom to shop using the device or thing that is most convenient to them, with the highest level of security available.

The program will launch with the support of several eminent partners across multiple verticals to fit every lifestyle need. Designer to the stars Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR are among the prominent consumer brands enabling their products through the program.

Exclusive designs from Adam Selman and prototypes from GM (car key fob), Nymi (wristband) and Ringly (ring), were on display at the Money 20/20 conference in Las Vegas last month.

The Internet of Things (IoT) - the hyper-connected world where every device from the phone to the washing machine will be connected to the Internet - is transforming the way consumers interact and transact. According to Cisco, there will be 50 billion connected devices by 2020. MasterCard is establishing the program as the foundation to enable payments for IoT.

“As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all of their devices to work seamlessly together,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. “This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything - rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next.”

The launch of the program puts in place a standard for expanding secure contactless and embedded payment options globally. Products will begin rolling out in 2016 in the U.S., with plans to expand to other markets.

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Edited & Posted by the Editor | 3:55 AM | Link to this Post

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