Las Vegas – MasterCard Inc. (NYSE: MA) will launch a new program that allow users to pay using gadgets and devices, some of them wearable such as rings and wristbands, by linking your credit card to them. The company announced that security will not be compromised, and the program will be ready for 2016.
MasterCard is taking a step ahead, and changing the way we pay and consume in this “hyper-connected world” that works with the Internet of Things (IoT), making every device connected.
The MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) programs were founded with the vision that payment could be brought to any device. Now, it is starting to become a reality as you can enable the device you want in just a moment and link it to your MasterCard account.
“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,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, in a press release.
For the designing of the new payment devices, the company has the support of several partners, such as fashion designer Adam Selman, wearable technology Nymi, jewelry company Ringly, automaker General Motors and Bluetooth Locator TrackR.
Beside designers and other companies that will join MasterCard to create the series of gadgets, the company has also been working along with partners to help them develop the technology, such as NXP and Qualcomm Incorporated.
The first card issuer to embrace the Express Program is Capital One, developing the Capital One Wallet that will authenticate users to enhance security in the management of their money, as long as they will include real-time notifications on transactions made with any device.
Adam Seldam said, “What sets the MasterCard program apart is that it features the technology while still remaining invisible, yet interactive and totally functional with the wearer. It’s exciting to be part of a project that is creating something new and fresh. At the end of the day, that’s what fashion is all about,” according to the press release.