MasterCard used the Consumer Electronics Show to reiterate its wearable payments strategy, as well as its proclamation of planning to turn any object into a payment device across the automotive, fashion, technology, wearables, and ‘yet to be imagined’ categories.
First it unveiled the Smart fridge that enables consumers to order groceries directly from Samsung’s new Family Hub refrigerator, and now MasterCard announced a partnership with Coin to bring MasterCard payments to fitness bands, smart watches and other wearable devices.
The first set of companies to work with MasterCard on this initiative include Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of smartwatches.
“The great thing about the MasterCard program is that we are adding payment functionality to items that consumers are already using – fitness bands, jewelry, clothing, watches,” said Sherri Haymond, senior vice president, Digital Payments, MasterCard.
Haymond went on to say that by adding payments to popular items makes them more useful for consumers and therefore enhances the value device manufacturers can deliver to their customers.
Laurent Le Pen, Founder & CEO, Omate, echoed this sentiment. “Payment is the ultimate step for the global adoption of wearables; which is why Omate is excited to partner with Coin and MasterCard. Teaming up with major players in the payment industry allows us to continue fulfilling our commitment to customers of providing fashionable products that meet their needs.”
Coin will provide hardware and software technology that is integrated with the MasterCard Digital Enablement Service (MDES) and can be embedded into devices.
“Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable/IoT industry. Leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market,” said Kanishk Parashar, CEO and co-founder of Coin.
“MasterCard is our essential partner as we team up to enable the wearable domain that is projected to grow to an astounding $53 billion by 2019,” he added.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
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