The programme will bring payments to various consumer products across the automotive, fashion, technology, and wearables categories and more
MasterCard has introduced a new programme set to bring payments to a wide array of consumer products across the automotive, fashion, technology, wearables, and yet to be imagined categories. It offers users the freedom to shop using the device or ‘thing’ most convenient to them whilst maintaining the highest level of security available.
The platform launches with the support of several marquee partners across multiple verticals to fit every lifestyle need. Designer Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jeweller Ringly, and Bluetooth locator TrackR are among the blue-chip brands enabling their products via the programme.
Exclusive designs from Selman and prototypes from GM (key fob), Nymi (wristband), and Ringly (ring) will be on display at the upcoming Money 20/20 conference taking place in Las Vegas, Nevada this week and are showcased throughout the promotional video enclosed.
The offering by the payments giant is premised upon the Internet of Things (or IoT)—a hyper-connected world where every device, whether a phone or a washing machine, is activated via online access. The launch is in line with how the concept is transforming the way consumers interact and transact.
Cisco expects there will be 50 billion connected devices by 2020. Thus, MasterCard is establishing the platform as a foundation to enable payments for IoT and extension of its MasterCard Digital Enablement Service (MDES) and Digital Enablement Express infrastructure, to bring to fruition the vision that all devices will be commerce devices.
Through MDES and Express, any accessory can be payment-enabled and rapidly scaled to millions of MasterCard accounts. As part of the program, the brand has worked with NXP and Qualcomm to develop technology which seamlessly enables secure payments through virtually any device or accessory.
Capital One is the first issuer to embrace the programme and will leverage Express in order to expand to a whole new category of devices. The Capital One Wallet will authenticate users to provide high-level security for the purpose of provisioning and managing tokens.
It also includes real-time transaction notifications to identify the device used in each transaction. The company is one of many with tens of millions of MasterCard credit and debit accounts already participating in MDES. The programme establishes a standard for expanding secure contactless and embedded payment options globally.
“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 of MasterCard.
“This programme 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.” Products are set to roll out across the United States in 2016, with plans to expand to other markets.