Published: October 28, 2015 | Detroit, MI
MasterCard has introduced a new programme that will bring MasterCard payments to a wide array of consumer products across the automotive, fashion, technology, wearables, and yet to be imagined categories. The programme gives consumers the freedom to shop using the device or thing that is most convenient to them, with the highest level of security available. Please watch the video below.
There’s Qualcomm and NXP on the tech side, Capital One as the first banking issuer, and General Motors with designs on producing that first payments-capable key fob, the idea being that you might pay for food or gas when making a pit stop on a road trip.
MasterCard Chief Emerging Payments Officer Ed McLaughlin says such nascent “Internet of Payment Things” represents the next wave in commerce. The first of these payment-capable products are expected to roll out in the U.S. in 2016.
Compatible products will have an NFC chip inside and leverage “contactless” payment terminals, similar to the way you might pay with your phone. Transactions will be “tokenized” and secure, MasterCard says.
You’ll be able to monitor transactions and accounts through an app on your phone, and most importantly be able to remotely turn off the payment mechanism in a product that gets lost or stolen. You can use your existing MasterCard credit card accounts, and earn any eligible loyalty or rewards points.