MasterCard to take payments by wearable devices
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MasterCard and secure payments company Coin have teamed up to make the credit card available for buying a wide range of fitness bands, smartwatches and other wearable devices.
This collaboration builds upon the MasterCard announcement in October of its Commerce for Every Device program, aimed at enabling any consumer gadget, accessory or wearable to become a payment device.
Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and smartwatch manufacturer Omate are the first set of companies working with MasterCard and Coin to include payment technology in their products.
“We are adding payment functionality to items that consumers are already using – fitness bands, jewellery, clothing, watches,” says MasterCard’s senior vice-president for digital payments, Sherri Haymond.
“This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners.”
Coin will provide hardware and software technology for embedding MasterCard payments into devices.
“Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable device industry,” says Coin co-founder and CEO Kanishk Parashar.
“By leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market.”
He says the wearable domain is projected to grow to $53 billion by 2019.
Questions & Answers
Q.Which specific companies are planning to incorporate this new payment technology into their products?
Which specific companies are planning to incorporate this new payment technology into their products?
Atlas Wearables, Moov, and Omate are the initial companies collaborating with MasterCard and Coin. They will be integrating the payment technology into their advanced fitness trackers, personal fitness coaches, and smartwatches respectively.
Q.What is the primary goal of MasterCard's Commerce for Every Device program?
What is the primary goal of MasterCard's Commerce for Every Device program?
The program aims to transform any consumer gadget, accessory, or wearable item into a functional payment device. This initiative seeks to embed payment capabilities into items people already use, making them more versatile for consumers.
Q.How will Coin's involvement benefit device manufacturers in this partnership?
How will Coin's involvement benefit device manufacturers in this partnership?
Coin will supply the necessary hardware and software technology to embed MasterCard payments into devices. This partnership, through Coin's 'Payment of Things platform', is expected to significantly reduce both costs and time to market for manufacturers.
Q.What kind of items are being considered for this new payment functionality?
What kind of items are being considered for this new payment functionality?
MasterCard intends to add payment capabilities to a wide range of everyday items consumers already use. These include fitness bands, various pieces of jewellery, articles of clothing, and watches, making them more useful.