MasterCard envisions future of contactless payments via myriad of devices
MasterCard is partnering with GM, Nymi, Ringly and TrachR to develop a series of unique connected payment devices, straying from the traditional wristband and mobile offerings in an attempt to transform every device into a payment option.
The payment provider is hoping to create a new industry in which all consumer devices can be used as a payment mechanism. A series of devices such as a vehicle key fob, ring and fitness tracker wristband will be developed by the manufacturers as methods of contactless payments powered by MasterCard.
Evolution of connected devices
The payment company is hoping to target a larger span of consumers with the new technology devices, as users have varying opinions of what is more convenient to them based on lifestyle and personal preference. The new program will provide a wide range of devices likely to capture the interest of a variety of mobile users.
The devices will act as another method of contactless payment, and users are able to load the devices through an application on their mobile smartphones. MasterCard is hoping its program will be the basis of payment incorporation into the Internet of Things, the network of everyday objects, which are embedded with network connectivity.
Capital One is one of the first issuers to leverage the program to serve its customers a broader span of methods in payment technology. The program is a part of MasterCard Digital Enablement Service and its Digital Enablement Express program, which focus on growing contactless payments.
Users will conveniently tap their devices against payment devices in-stores. The devices will roll out in 2016.
The partners in the development of the new devices are hoping to get ahead of what they believe will be the surge of connected objects, a future in which everything will be network enabled.
MasterCard also announced a partnership with Cardlytics in a loyalty program, which can be accessed online or through a mobile app. MasterCard will be able to seamlessly serve its customers points back and deals upon purchasing to provide a better customer experience.
MasterCard and mobile
The payments company also rolled out a tokenized checkout experience for its MasterPass platform to allow users to securely shop within mobile applications on any device or online, proving that tokens are increasingly a must-have for mobile payment solutions (see more).
Also, MasterCard attempted to help drive adoption of new payment technologies among golf fans at The Barclays in New Jersey by offering its cardholders a 10 percent discount when they use their MasterCard cards at the point of sale or leveraging Qkr! with MasterPass to order ahead (see more).
Brielle Jaekel is editorial assistant at Mobile Commerce Daily