“We think that every device is going to be a commerce device”, said MasterCard’s chief emerging payments officer Ed McLaughlin in an interview with ARC earlier this year.
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To make payments simple and secure, MasterCard worked with NXP and Qualcomm Incorporated.
However, while those mobile payment services are limited to a few devices that run specific operating systems, MasterCard’s new prototypes are OS agnostic.
MasterCard (MA) announces it will introduce payment capabilities to a wide variety of consumer products across the automobile, fashion, and technology industries. If you have a payment-enabled Ringly, Nymi band, Adam Selman purse, Trackr button, or GM key fob, it won’t matter whether you own an iPhone, Android phone, or Windows Phone – you’ll be able to pay on the go without a wallet, plastic credit card, or cash.
MasterCard has partnered with General Motors, designer Adam Selman, wearables company Nymi, smart jewelry company Ringly and Bluetooth locator TrackR to produce its payment-enabled devices, and it will showcase prototypes at Money 20/20 (which ends Wednesday).
The fact that Chase is working with CurrentC and Capital One is working separately with MasterCard are signs that “banks are trying to regain control” over mobile payment technology advances, wresting away control from Apple and Google and others, McKee added.
This new program that they have created aims to turn any gadget that you can carry around with you into a payment device.
As of late, MasterCard has expressed eagerness to spur payments innovation with the help of startups with events like Masters of Code and the Start Path Global Partnership Program. They operate in more than 25 countries and are active in the automotive business, access management, industrial applications and many more. Products will begin rolling out next year in the United States, with plans to expand to other markets.
The idea of connectivity of things and the convenience of a transaction through one platform is indeed exciting. The two-way transactional nature of the Internet of Things will be a profound opportunity for companies large and small to take advantage of the growing wave of connected devices, providing automatic and seamless services and analyzing the data to create more efficient processes on the back end. “We are doing work on Internet of Things right now”.
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For the moment though you will only be able to these types of payments if you have a CapitalOne card.
