MasterCard Launches New Program That Turns Gadgets, Accessories Into A Payment Device
LAS VEGAS, NV – MasterCard has introduced a new program that will enable payments made through a wide array of everyday items: cars, clothes, gadgets, accessories, and more. Soon, consumers will have the freedom to shop using a device or thing that is most convenient to them, with the highest level of security available.
The world is undergoing a digital transition where more and more devices, from the phone to the washing machine, are being connected to the Internet. Tech giant Cisco has estimated that by 2020, there will be as much as 50 billion connected devices altogether. With the new program, MasterCard hopes to tap into this growing system so that every connected device would have the power to enable payments.
“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.
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. Through MDES and Express, any accessory, wearable or device can be payment-enabled and quickly scaled to millions of MasterCard accounts.
“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,” Mr. McLaughlin said.
MasterCard has partnered with some of the most prominent lifestyle designers and brands to highlight the potential of MasterCard’s new tech. Exclusive designs from Adam Selman and prototypes from automaker GM, wearable tech innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR have been equipped with the new program and put on display during its launch at the Money 20/20 conference in Las Vegas to demonstrate the ability of the next generation of payment wearables.
“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 U.S., with plans to expand to other markets,” according to a statement from MasterCard.