This article was 1st published on our sister Site, The Internet Of All Things
MasterCard has introduced a program that will bring MasterCard payments to a wide array of consumer products across the automotive, fashion, technology, wearables, and what it called, the “yet to be imagined” categories.
MasterCard said at the on-going ‘Money 20/20’ conference in Las Vegas, USA, that it was establishing the program as the foundation to enable payments for IoT. The program will give consumers the freedom to shop using the device or thing that was most convenient to them, with the highest level of security available.
The program will launch with the support of several partners across multiple verticals to fit every lifestyle need. Some of those who are leading in its use are designer to the stars Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR.
The program, said MasterCard, was an extension of the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program, and brought to fruition the vision that every device would become a commerce device. Through MDES and Express, any accessory, wearable or device can be payment-enabled and quickly scaled to millions of MasterCard accounts.
“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.”
Technology and Issuer Partners
As part of the program, MasterCard worked with NXP and Qualcomm Incorporated to develop this technology.
Capital One was the first issuer to embrace the program and leveraged Express to enable it to expand to a whole new category of devices, revealed MasterCard. The Capital One Wallet will authenticate the users to provide strong security for provisioning and managing tokens. It also includes enhanced real time transaction notifications identifying the device used in each transaction.
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 US with plans to expand to other markets.
Image Credit: MasterCard