MasterCard has announced a partnership with Coin to bring MasterCard payments to a wide array of fitness bands, smart watches and other wearable devices. This collaboration builds upon the MasterCard's introduction in October of its Commerce for Every Device program, which aims to enable any consumer gadget, accessory or wearable as a payment device.
The first set of companies working with MasterCard and Coin to implement payment technology in their products are: Atlas Wearables, which designs advanced fitness trackers; Moov, "a personal fitness coach on your wrist"; and Omate, maker of fashionable 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 of digital payments at MasterCard. "This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners."
Coin will provide hardware and software technology that can be integrated with the MasterCard Digital Enablement Service and embedded into devices, enabling manufacturers to quickly and easily implement payment functionality into their consumer products, the MasterCard announcement said.
Coin's Payment of Things platform serves as a turnkey product 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."
Read article at Mobile Payments Today
Posted January 7, 2016
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