MasterCard wants to turn any gadget into a payment device

27 Oct 2015 | Author: | No comments yet »

MasterCard Launches New Program That Can Turn Any Consumer Gadget, Accessory or Wearable into a Payment Device.

MasterCard wants you to be able to make purchases with everything from wearables to key fobs, so it’s bringing the technology behind Apple Pay to more devices.

MasterCard wants to enable payments on devices — part of a growing movement loosely called Internet of Things — so that you can transact a purchase of everything from the ring on your finger to the key fob for your car.LAS VEGAS, Oct 26, 2015 (BUSINESS WIRE) — MasterCard today introduced 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. There’s Qualcomm and NXP on the tech side, Capital One as the first banking issuer, and General Motors with designs on producing that first payments-capable key fob, the idea being that you might pay for food or gas when making a pit stop on a road trip.

Other partners include Ringly, which makes “smart rings” for women, Nymi, which has a wearable biometric band that uses your heart rate to authenticate your identity, and TrackR, which sells a Bluetooth location-tracker. 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 (key fob), Nymi (wristband) and Ringly (ring), will be on display at the Money 20/20 conference in Las Vegas this week and are showcased in this video. The first of these payment-capable products are expected to roll out in the U.S. in 2016. “Everyone is seeing that payments are moving beyond mobile,” McLaughlin said during an interview. “For a long time the focus was on the smartphone itself.

MasterCard, however, is trying to be more forward looking, taking into account that in a few years time, maybe even the clothes you wear might be connected to the Internet. The program is an extension of the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program, and brings to fruition the vision that every device will be a commerce device. Also, like the iPhone, MDES appliances can be remotely deactivated. “For a lot of people cards are good, phones are better, but you don’t always have your phone, you don’t always have their card,” said James Anderson, head of platforms and emerging payments at MasterCard. 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.” As part of the program, MasterCard worked with NXP and Qualcomm Incorporated to develop technology that makes it simple to enable secure payments on virtually any device or accessory. The resounding reasoning has been that tapping to pay with a mobile phone is only as simple as swiping a credit card, giving users to no incentive to make the change. “We’re very bullish about the trend and what we’re seeing in adoption,” Anderson said, noting that meaningful things happen in the payments space in a short time span.

To be sure, challenges remain for a mobile payments industry still trying to persuade consumers to increasingly eschew physical wallets and plastic credit cards and transact instead with their smartphones and watches. “As with all of this stuff there’s going to be a learning curve or adoption curve. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.

Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau. Read why our launch partners – including Adam Selman, Capital One, General Motors, NXP, Nymi, Qualcomm, Ringly, and TrackR — support our program to enable any device to make payments. “Technology is vital to the fashion industry, from textiles, printing techniques, and innovations in garments, it keeps fashion changing and evolving. What sets the MasterCard program apart is that it features the technology, while still remaining invisible, yet interactive and totally functional with the wearer. At the end of the day, that’s what fashion is all about.” “We are always looking for new ways to enhance the consumer payment experience, by offering tools and pioneering technologies focused on ecommerce and mobile accessibility. We are excited about the potential this new initiative and other new payment options hold as we work to offer more choices to help make our customers’ lives easier.” “Vehicles are becoming more connected and this will enable our customers to maximize their connections to all aspects of their lives, including new and easier ways to pay for goods and services.

This partnership with MasterCard will help us learn more about our customers’ preferences and how we can best serve them.” “By integrating our loader service into MasterCard’s ecosystem, we’re providing OEMs with a simple method to quickly deploy secure payments in new mobile and wearable devices. Just as mobile payments have removed the traditional barriers in commerce for consumers, this partnership will remove barriers for OEMs, making it far easier to rapidly deploy new technologies with secure payment capabilities.” “MasterCard’s initiative is a natural fit with Nymi’s vision of seamless and secure user experiences. The Nymi Band offers a new interface for secure authentication that can be applied to a broad range of experiences, enabling commerce anytime, anywhere.

The next generation of integrated experiences is about ease and delight, where security can simply be assumed.” “The digital payments space is in the midst of a dramatic transition in the industry. We are delighted to be working with MasterCard to accelerate this transition across mobile, automotive, and IoE platforms and bring end-to-end connectivity for issuers, retailers, and service providers. Our mission is to make women’s lives more manageable through beautiful jewelry and discreet technology.” “Our goal with TrackR is effortless organization.

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