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MasterCard Stepping into the IOT world with wearable payments

Posted in IOT, and Technology

MasterCard has announced a new program that will bring its payments to various consumer products in areas such as automotive, fashion, technology and wearables. Consumers will be given more freedom while out shopping, enabling them to use a range of devices to pay for their purchases. This has the potential to greatly improve convenience for consumers if a high level of security can be ensured. With a larger number of devices able to make secure payments, there will be more choices on offer to people on the go, making their lives easier.

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The program will launch with the support of numerous partners including designer Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR. Products will begin rolling out next year in the United States, with plans to expand to other markets.

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. 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.

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A number of prototype devices have been developed, including a key fob from General Motors, a Nymi wristband, a ring by Ringly, and an exclusive payment-enabled dress and accessories designed by Adam Selman. These items will be on display at the Money 20/20 conference in Las Vegas this week. You can see some of the payment prototypes in action in the video below:

https://youtu.be/GSiBlFFwALU

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