MasterCard is looking beyond cards and mobile phones, launching a programme that will let partner firms turn anything from purses to keyfobs to jewellery in contactless payments devices.
Designer to the stars Adam Selman, automaker General Motors, wearable technology specialist Nymi, and smart jewellery company Ringly are among the first batch of firms to sign up to the programme that sees MasterCard attempt to cement a place at the front of the Internet of Things revolution.
Ed McLaughlin, chief emerging payments officer, MasterCard, says: "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."
NXP and Qualcomm are onboard, helping the card scheme develop technology that makes it simple to enable secure payments on virtually any device or accessory. Meanwhile, Capital One is the first issuer to embrace the programme, which will see products start to roll out in the US next year.
Tom Grekowicz, senior manager, GM Rewards Card, says: "Vehicles are becoming more connected and this will enable our customers to maximize their connections to all aspects of their lives, including new and easier ways to pay for goods and services. This partnership with MasterCard will help us learn more about our customers’ preferences and how we can best serve them."