MasterCard to enable any wearable or gadget as a payment device

However it looks like MasterCard wants to increase that variety by announcing a plan that can turn any consumer accessory, or a wearable into a payment device.

There’ll be prototypes from several of the above on display at the Money 20/20 conference in Las Vegas this week.

As the market for the Internet of Things and wearables continues to take shape worldwide, MasterCard wants to be at this shift’s forefront – and is giving companies the ability to add payment credentials to devices such as automobile key fobs, smart rings and even clothing, through a program that is an extension of its digital enablement service.

Other partners set to be involved in the program: General Motors, wearable technology maker Nymi, jewelry company Ringly, and Bluetooth locator TrackR, according to MasterCard.

The idea is bold (a key fob for payments?) but seeing as it’s rooted in the basics of IoT, the technology required to make it all come together is definitely doable. So for its new “Commerce for Every Device” program, it has partnered with key industry players to make its dream happen.

Capital One is the first prominent issuer to announce its support for MasterCard’s program.

“We think it is going to be something that captures the attention and the imagination of a lot of people out there in device land”. However, the tide is turning for NFC, and more retailers are now accepting the technology than ever before, thanks in part to the recent rise of EMV-secured credit cards (the “chip card” standard invented by Europay, MasterCard, and Visa) in the United States. MasterCard provides tokenization and digital enablement services to Apple Pay, Samsung Pay and Android Pay. The first products that support MasterCard’s new payments tech will arrive in the USA next year, with expansion into other countries to follow. MasterCard is confident; the company believes the new technology will make it harder for hackers to get access to people’s money. The two-way transactional nature of the Internet of Things will be a profound opportunity for companies large and small to take advantage of the growing wave of connected devices, providing automatic and seamless services and analyzing the data to create more efficient processes on the back end. For example, Selman has worked with MasterCard to design a prototype of a “payment-enabled” dress. “We are doing work on Internet of Things right now. For instance, any time a sensor says “feed me” that’s a commerce opportunity that can be made better or more frictionless”.