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.
The program will launch with the support of several marquee partners across multiple verticals to fit every lifestyle need. 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 Internet of Things (IoT) – the hyper-connected world where every device from the phone to the washing machine will be connected to the Internet – is transforming the way consumers interact and transact. According to Cisco, there will be 50 billion connected devices by 2020. MasterCard is establishing the program as the foundation to enable payments for IoT.
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.
“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 technology that makes it simple to enable secure payments on virtually any device or accessory.
Capital One is the first issuer to embrace the program and will leverage Express, enabling them to expand to a whole new category of devices. 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. Capital One is one of many issuers with tens of millions of MasterCard credit and debit accounts already participating in MDES.
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.
MasterCard (NYSE:MA), http://www.mastercard.com, is a technology company in the global payments industry. 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.