It appears that we are in the midst of a mobile payment revolution. Just four or five years ago, the concept of making payments with your smartphone was not available. Now, you are able to buy other smart devices such as watches, which allow users to make mobile payments with the device. Today, there are several different smart payment platform options such as Apple Pay, Android Pay, Google Wallet, and more. While the world of mobile payments is continuing to change, MasterCard Inc has a new idea for smart devices capable of making payments: enable any object to make payments.
MasterCard launches “Commerce for Every Device”
MasterCard has been watching the wearable technology trend heating up, which it plans to get involved in with the launching of its new “Commerce for Every Device” initiative. Under the new initiative, MasterCard has partnered with several different designers, manufacturers, etc in order to help create the next generation of wearable technology. For instance, MasterCard is teaming up with Adam Selman, a designer, in order to create dresses and clothing that is capable of making payments. Nymi and Ringly are MasterCard’s partners for developing smart payment devices in smart bracelets and rings. TrackR is partnering to make Bluetooth devices payment capable. Even General Motors and MasterCard are working on transforming key fobs into payment devices.
NXP, Qualcomm, Capital One team up with MasterCard for the transaction system
While MasterCard is getting more involved in the wearable technology revolution, there has to be a new system in order to read all of these new devices. That is why MasterCard is working with NXP and Qualcomm to develop the payment system and Capital One has been chosen as one of the first issuers of the new payment system through its Capital One Wallet program. MasterCard announced the first of the new payment systems will be launched in 2016 in the US.
Overall, MasterCard is trying to be a part of the changing payment environment, instead of fighting the inevitable. Wearable technology is continuing to grow at a rapid pace and MasterCard’s partnerships really show forward thinking. Mobile payments have taken a little time to become part of the norm, but MasterCard is betting that we are entering into a new normal of making payments.