MasterCard is actively promoting the use of contactless payments in selected industries, such as fashion, automotive and wearables.
Through its new digital program, the group aims to bring payments technology to a wide range of consumer electronics.
“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.”
So far, a handful of well-known brands have jumped on the opportunity to forge a partnership with MasterCard in order to add more value to their own products and offerings.
General Motors is currently working with the group to integrate payments features to key fobs. Other businesses that are participating in the program include wearable manufacturer Nymi, jewelry innovator Ringly, and location technology specialist TrackR.
All of the devices will be previewed during the Money 20/20 conference in Las Vegas.
“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,” mentioned the company in a press release.
“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.”
The institution’s latest endeavor is an extension of the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program. Collaborations with NXP and Qualcomm Incorporated were formed to help reinforce the technology needed to make the initiative possible.