How MasterCard plans to make every gadget work like a credit card

The Internet of Things (IoT) is the projected future of technology. It’s a future where anything can be connected to the internet. Companies are gradually tapping into this trend, and today we see the acronym “smart” being attached to all sorts of products. Smart shoes, smart water bottles, smart fridge, you name them.  MasterCard is the latest company smartly tapping into this trend.

Mastercard paypass

The firm has just launched a program that will enable other firms, make gadgets (or anything at all) that can be used to make credit card payments in stores. In a press release, MasterCard announced that they’re working with partners to power gadgets like smart rings, car keys, and fitness trackers etc. that can also be used to make credit card purchases.

Chief Emerging Payments Officer at MasterCard, Ed McLaughlin had this to say:

“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,”

“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.”

One designer as part of this program is making a payment-enabled dress. Can you beat that? 😛 The whole program is geared at making the process of payment (through any means) easier and more convenient. Some of the Smart payment devices will be fully functional starting next year 2016.

 

6 comments

  1. nice, but what about authentication?
    I believe Google’s Project Jacquard laid the framework for the dress example

  2. The impact of technology on our daily lives continues to be truly amazing,this is just a glimpse of the endless possibilities in an interconnected world..

  3. There is this quote “For every additional connection we make to the internet, the more we increase its dangers”. Wiring human to everything is never something good. Very soon. We will soon be able to upload our dreams and nightmare through our pillow-case. #crazy

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