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 any category yet to be imagined.
The aim is providing consumers the opportunity to shop using the device or thing that is most convenient to them, with the highest level of security available.
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., but there are plans to expand the program to other markets.
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.
First row issuer, tech and brand partners
MasterCard has 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.
Several partners across multiple verticals that fit every lifestyle need are suporting the Mastercard program since its launch. Among them they are the designer to the stars Adam Selman, the automotive company General Motors, the wearable technology innovator Nymi, the smart jewelry company Ringly, and the Bluetooth locator TrackR .
According to Cisco, there will be 50Bn connected devices by 2020. MasterCard is establishing the program as the foundation to enable payments for IoT.
This IOT program for secure payments to be launched by Mastercard is an extension of the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program.
It aims to bring to reality 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.
Image above the headline.- MasterCard today introduced a new program that will bring MasterCard payments to a wide array of consumer products. General Motors electronic key. Photo: Business Wire
Related external links:
To watch how they work 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 ) click here
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