The idea is not something we haven’t thought about before. The dream of turning any wearable or portable gadget into something that holds important information like credit card details has been in any geek’s mind since digital payments started. There are so many digital wallets and mobile payment methods available today but we know it’s just in its early stages. Thanks to Apple, Samsung, and Google for introducing each of their own “Pay” services that are easily accessible from compatible smartphones and straight to a supported terminal.

Aside from Chase introducing the Chase Pay at the Money 20/20 Conference in Las Vegas this week, MasterCard is also launching a new program that the company hopes will be a game-changer in the e-commerce business. The idea is enable ordinary gadgets like a ring, keyfob, or a wristband to make payments for future purchases. MasterCard aims to bring the service to different industries like fashion, wearables, cars, and technology. Initial partners who agreed to work with them include General Motors, Ringly (smart jewelry maker), Nymi (wearables), TrackR (Bluetooth locator), and designer Adam Selman. With the help of these names, MasterCard hopes to bring more widely-used products into the program so more people can use them aside from just depending on actual credit/debit cards or smartphones with the mobile payment apps.

MasterCard is said to be working on this program as an introduction to the Internet of Things. The latter is still in its early stages but with the proliferation of smart home appliances and smart dashboards for cars, and whatever gadget that can be turned intro something “smart”, gadget town will soon be filled with inter-connected gadgets. Cisco even predicted that by year 2020, there will be about 50 billion connected devices. That’s five years from now so imagine how rapid development will be in the coming years.

Payment-enabled products are expected to be released next year in the US. One of the first companies to try the program is Capital One who will use MasterCard’s Express and work on the Capital One Wallet app to secure and authenticate mobile payment transactions.

The company is also working on this program as part of their Digital Enablement Express (Express) and MasterCard Digital Enablement Service (MDES). Goal is to make every device a commerce device for the benefit of MasterCard account holders. MasterCard has already worked with some big names like Qualcomm and NXP to develop a technology that will secure the devices and payments.

SOURCE: MasterCard

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