MasterCard wants to make the new gadget to act as the credit card for safer transactions and for the easy access to the payment services. MasterCard is launching a new program today that'll allow tech companies to make gadgets like smart rings, car keys and fitness trackers that can also be used to make credit card payments in stores, just like most new smartphones can with programs like Apple Pay and Android Pay.
The company is casting out the program with a few partner firms that have already placed their foot in the prototype units. The technique is all new and provides the user with all the facility to get an easy access. The accessible gadgets that support the program and makes it a success are smart ring, car key and fitness tracker. GM has made a key fob with MasterCard's wireless payments tech built in, Ringly has done the same with a version of its smart ring and Nymi has created a smart wristband.
The major goal of the program is to make paying and payment process with the credit card as easy as possible. The aim is not to get in contact with a new device but to make your assistive devices interactive. MasterCard wants the keys to get swipe that are already in your hand. A wearable ring that is already on your finger can be a great support to the credit card facility. And furthermore, the fitness wrist device is the best gadget that can be carried all the time on the wrist.
The company is making the world interactive and connected with even the imagination of clothes making the payments when connected. MasterCards issued from Capital One will be supported on these small connected devices so far, but it has plenty of time to get other such devices on board for the connected world. Before the gadgets are actually in use, the company will get it too far in the market with the technology firstly emerging in US next year, followed up by the other countries for expansion.
The technology being the newest will provide the user with the connected world inside and outside home. Accessing the card publicly with such gadgets is a safer option, as there is less threat of getting the card misplaced and making the safest transaction for shopping and other purposes.
