The number of Internet-connected objects grew exponentially in the past years, and has surpassed the category of traditional gadgets.
Smartphones, tablets, PCs, wearable technologies like smartwatches and smartrings, even the smart home devices are regular guests in the articles about Wi-Fi compatibility.
MasterCard realized that the widespread use of technology, coupled with the increasing development of mobile payments can bring big money to the financial services corporation. Moreover, the company acknowledges that the days of the credit cards are numbered and is taking steps towards adapting to the new realities.
That is why MasterCard launches a new program aimed at transforming any Internet-connected object into a wireless payment-enabling gizmo.
There is a visible agglomeration of players battling for a piece of the wireless payment market. Most common used devices used for this purpose are contactless credit cards, smartwatches or smartphones. MasterCard wants to gain the technological edge, and that is why the corporation gathers as much support as it can.
For its new "Commerce for Every Device" program, the New York-based company teamed up with key industry players. Wearable companies Ringly and Nymi were contacted for assistance in creating smart rings and bracelets, and designer Adam Selman will bring his expertise to craft accessories and clothes able to make wireless payments. The Bluetooth locators will be supplied by TrackR. General Motors will cooperate with MasterCard on key fobs that will have multiple functions, payment integration included.
The payment system is also backed by tech companies like Qualcomm and NXP.
MasterCard already signed a deal with Capital One, so that clients of the bank holding company can look forward to easier payment integration.
Voices familiar with the matter claim that the program's advantage is twofold: more digital payments mean more time saved, and the transactions are way safer than credit card purchases. This happens because the payments get superior encryption from the new tokenized technology.
MasterCard said that in early 2016, its devices will be functional. The American company will begin the deployment of the program in the United States, and increase its spread to global markets in due time.
