Contactless Payments. It’s the new catchphrase that you’ll be hearing a lot more about in the very near future. Because of it, one of the major financial companies is putting its money where your smartphone…and your wrist…and your pocket…and your keychain, etc. is.
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.
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.