MasterCard has unveiled a new program designed to allow consumers to shop using wearable and other IoT devices.
Designer Adam Selman, General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR are supporting the program.
Designs from Selman and prototypes from GM (key fob), Nymi (wristband) and Ringly (ring) will be on display at the Money 20/20 conference in Las Vegas this week.
The program is an extension of the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program whose vision is to enable every accessory, wearable or device for payments.
“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,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard.
MasterCard said it worked with NXP and Qualcomm to develop technology that makes it simple to enable secure payments on virtually any device or accessory.
Capital One is the first issuer to embrace the program and will expand to a whole new category of devices. The Capital One Wallet will authenticate the users to provide strong security for provisioning and managing tokens. It will also include enhanced real-time transaction notifications identifying the device used in each transaction.
Products will begin rolling out in 2016 in the US, with plans to expand to other markets.