MasterCard and Coin Partner to Increase Wearable Payments
Today, MasterCard announced it was partnering with Coin to make MasterCard payments possible on fitness bands, smart watches and other wearable devices.
In October, MasterCard introduced its Commerce for Every Device program, which enables consumers to use any gadget, accessory or wearable as a payment device. This collaboration with Coin is the latest step in that process.
A number of companies have already started working with MasterCard and Coin, including Atlas Wearables, which designs fitness trackers; Moov, a fitness bracelet; and Omate, which makes fashionable smartwatches.
“The great thing about the MasterCard program is that we are adding payment functionality to items that consumers are already using–fitness bands, jewelry, clothing, watches,” said Sherri Haymond, Senior Vice President, Digital Payments, MasterCard. “This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners.”
While Coin is providing the hardware and software technology, MasterCard is integrating its MasterCard Digital Enablement Service (MDES), which increases transaction security. The addition of Coin’s technology to the MasterCard Digital Enablement Express (Express) program will simplify and expand mobile payments to wearable technology.
“Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable/IoT industry. Leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market,” said Kanishk Parashar, CEO and Co-Founder of Coin. “MasterCard is our essential partner as we team up to enable the wearable domain that is projected to grow to an astounding $53 billion by 2019.”