Internet is the present, and it is definitely the future. And every major player in the field of technology is preparing itself for the future; they know that if they do not adapt themselves to the latest trends, they will become non-existent.
From phones to watches and cars to vacuum cleaners, every gadget is connecting itself to the world wide web. Then why would MasterCard stay behind? Where smartphone manufacturers are developing digital payment systems, how can one of the leading financial services not participate in the race?
After smartphone manufacturing giants changed the face of plastic money with advanced payment systems like Samsung Pay, Android Pay and Apple Pay, it is MasterCard that wants to take digital payment system to the next level. The company aims to turn almost every gadget into a payment device. Why just gadgets? MasterCard believes that someday even the clothes you are wearing can help you transact with just one click or tap. To turn this dream into reality, MasterCard has partnered with:
i. Designer Adam Selman to be able to create payment-enabled accessories and dresses
ii. Nymi and Ringly to create smart rings and bracelets
iii. TrackR for Bluetooth locators
iv. General Motors for car key fobs
The company has also partnered with Qualcomm and NXP for the technology purpose. MasterCard’s payment-enabled devices will be shown the daylight in 2016. These gadgets and accessories would first be tested in the U.S. market. If things work out, the company will expand to other markets.
Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, said, “As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all of their devices to work seamlessly together.” He further added, “This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything – rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next.”