MasterCard aims to bring mobile payments to every gadget
MasterCard is envisioning a future of ubiquitous payments, where practically every device has the ability to pay for things at contactless terminals. The credit card company unveiled a new program today with precisely that goal, and it has also lined up a bunch of early partners, including GM and wearable companies Nymi and Ringly. It also looks like MasterCard isn't just looking at typical gadgets -- it even wants payments in things like fashion accessories (designer Adam Selman is another launch partner). It's not hard to see why MasterCard is making this push. Seamless payments are convenient for customers, but it's also essential for MasterCard to gain a foothold in the post-credit card era. And smaller companies will likely need some help if they want to integrate payments (Jawbone, for example, teamed up with American Express for the Up4).
Judging from the video below, it looks like GM has developed a car key fob with payments integration, while Ringly has embedded the tech in its smart ring and Nymi did the same for its wristband. There's nothing terribly revolutionary about these first projects, but it could be interesting to see how others adopt MasterCard's platform. At this point only CapitalOne cards are supported, and MasterCard is aiming to launch in the US next year.
