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MasterCard wants to enable wireless payments on every single gadget you own

By Koh Wanzi - on 27 Oct 2015, 10:20am

MasterCard wants to enable wireless payments on every single gadget you own

MasterCard wants to enable wireless payments on a wide range of products, including clothing and purses. (Image Source: MasterCard)

MasterCard has just unveiled a new program that aims to enable its customers to make wireless payments with just about any imaginable device. So even if you leave the house with only your car key, you could one day make payments with it.

The program is all about enabling customers, so you get the freedom of paying with any gadget of your choice while still enjoying the highest level of security. MasterCard has already partnered with several companies in industries as varied as fashion, automobiles, and wearables to bring the program to fruition. Its partners include automaker General Motors, wearable technology innovator Nymi, and Qualcomm.

Prototypes of potential future products will be on display at the Money 20/20 conference in Las Vegas this week, including designs from celebrity designer Adam Selman, a key fob from GM, and a ring from Ringly.

MasterCard is looking to capitalize on the march toward a true Internet of Things (IoT), where every conceivable consumer device will be connected to the Internet. Cisco predicts that there will be a whopping 50 billion connected devices as soon as 2020 – solid foundation for a world of quick and seamless payments.

The new program is actually an extension of existing MasterCard initiatives, namely, the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program.

MasterCard is even getting ahead of the technology curve here. It envisions the possibility of wireless payments in smart, connected clothing with its technology. Google showed that it was possible to weave electronics into fabric with Project Jacquard at Google I/O this year, so MasterCard’s goal might not even be that far off. MasterCard has been showing itself to be quite an innovator when it comes to authentication and payment methods. Earlier this year, it even started a pilot program to use facial recognition to verify payments.

At this early stage however, only MasterCard cards issued through Capitol One will be supported on these initial small, connected devices, but there’s still time to get other card issuers on board the program. The first products with MasterCard’s new tech are expected to arrive in the US as early as 2016, and plans for expansion into other markets are reportedly in the works.

Source: MasterCard

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