MasterCard to Facilitate Contactless Payments For Internet of Things

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Internet of Things is expanding across the globe faster than the forecasts made  by experts. More and more companies want to register their presence in this field, which has created an opportunity for the global digital payment facilitator – MasterCard.

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As per the reports, MasterCard wants to be on the forefront of this internet of things revolution. It intends to enable companies to add payment credentials to various devices, such as smart rings, automobile key fobs, and clothes through a high-end IoT supporting program.

During the recent Money20/20 conference held in Las Vegas, MasterCard announced the names of those companies and individuals who have agreed to support this initiative. Some of the names include fashion designer Adam Selman, wearable technology company Nymi, automotive giant General Motors, Bluetooth locator TrackR and smart jewelry company Ringly.

While addressing the audience, Sherri Haymond, SVP & Group Head – Digital Channel Engagement, MasterCard, said that this initiative will reveal endless opportunities present in internet of things field. MasterCard is trying to build a payment gateway that’s hard to imagine at this point, but can surely make things easy and hassle-free a few years down the line.

MasterCard is also involved in a chip manufacturing project along with NXP and Qualcomm that will help companies make their devices  capable of making contactless payments.

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