PURCHASE, N.Y.—MasterCard is looking to make almost any portable connected device a payments vehicle.
The company is launching a new program that will allow tech companies to make gadgets such as smart rings, car keys, and fitness trackers that can also be used to make credit card payments in stores.
MasterCard is starting out with a few partners that have already put together prototype units. GM has made a key fob with MasterCard's wireless payments tech built in. Ringly has done the same with a version of its smart ring. And Nymi has created a smart wristband, The Verge reported.
“Once everything is connected, basically anything could be used to pay,” said Bill Hardekopf, CEO at LowCards.com, Birmingham, Ala.
The goal is to make paying as easy as possible. “Rather than needing to have a specific device on you and at the ready, MasterCard wants you to simply swipe the keys that are already in your hand or the ring that's already on your finger. In doing so, it's starting to get ahead of the boom in connected gadgets. MasterCard is imagining a world in which its tech even allows connected clothing to make payments,” The Verge said.
Currently, only MasterCards issued through Capital One will be supported on the small connected devices. The first products that support MasterCard's new payments tech will arrive in the U.S. next year, with expansion into other countries to follow, The Verge said.