MasterCard has set its sights on turning every new gadget into a credit card so its launched a new program that’ll allow tech companies to make gadgets like smart rings, fitness trackers and car keys which could be used to make credit card payments., just like most new smartphones. MasterCard have started out with partnerships with GM who have made a key fob, Ringly has done the same and Nymi has created a wristband, all with wireless tech built in.
The goal is to make paying by credit card as easy as possible by swiping the keys that are already in your hand or the ring that is on your finger to make a payment. In taking the leap MasterCard is already ahead of the pack where connected gadgets are concerned and in imagining a world in which connected devices, including clothing can be used to make payments.
At this point, only MasterCard issued through Capital One will be supported on these connected devices but as we speak MasterCard is working on getting other partners on board before the gadgets are rolled out commercially. According to MasterCard the first products that support their payment technology will be available in the US next year, with global expansion to follow.