MasterCard is planning to make every device a means for contactless payment. This basically means that it wants to turn every smart device into credit cards. The credit card company has launched a new program today, which will allow new gadgets like smart rings, fitness trackers, car keys and some other smart devices to be used for making credit card payments in stores. This payment service is similar to the payment option of Android Pay and Apple Pay.
Initially, MasterCard partners with few companies like GM, Nymi and Ringly. GM has already made a key fob with built-in MasterCard wireless payment tech. Like GM, Nymi has built a new smart band and Ringly has made a new smart ring that comes with MasterCard new payment tech. MasterCard has also partnered with designer Adam Selman, which means that Credit Card Company doesn’t want to restrict its wireless payment system to the smart devices.
The main goal of MasterCard is to make credit card payment as easy as it can be. The company wants its customers to do seamless payment with any of device instead of a particular device. You can pay for your purchase in any store by your key or the ring you are wearing.
Till now, only Capital One issued Cards will support these smart gadgets, but there is lots of time for MasterCard to get others on the board. MasterCard this new payment system supported device will be rolling out in U.S next year.