Mastercard and Fit Pay Developing Wearable Payment... - Card Issuers News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Mastercard and Fit Pay Developing Wearable Payment Technology

Mastercard and Fit Pay Developing Wearable Payment Technology

Mastercard and Fit Pay Developing Wearable Payment Technology
November
4

Wearable technology in fitness monitors are trending with consumers and in keeping with this theme MasterCard has teamed up with Fit Pay, Inc. so the payment processor’s contact-less system can be integrated into a wide range of wearables and Internet of Things (IoT) devices.
For MasterCard customers this partnership means that there is a wide range of new wearables on the horizon designed with them in mind. Fit Pay believes that with the help of their partners in 2017, 2.5 million wearable devices will be enabled with contact-less payment technology, and by 2018 that number will rise to 9 million.

Integration and innovation

With this agreement, which makes it possible to integrate the Fit Pay platform with the MasterCard Digital Enablement Service (MDES), both companies can start working with innovative manufacturers to create wearable products that can be used at the register to make payments using MasterCard.

Wearatec is one of the manufacturers that will be energized by this agreement. Wearatec designs and manufactures technology-connected watch clasps, which make it possible for luxury watches to have smart device capabilities.

The relationship between MasterCard and Fit Pay paves the way for Wearatec to work with other companies, like leather goods designer Jean Rousseau, to get a variety of men’s and women’s watches outfitted with payment technology.

Wearable tech faster, cheaper

The platform designed by Fit Pay offers manufacturers a way to bring wearable payment products to market with a shorter turnaround time, as well as lower costs and less complexity when it comes to authenticating payments.

Fit Pay is not the only technology integrator to come into the MasterCard Commerce For Every Device program. MasterCard has teamed up with a wide range of companies to enable payment transactions that are both easy and safe, while enabling devices that make peoples lifestyles easier and keep them on point security wise.

“At MasterCard, we are continuously working to enable payments to a whole new generation of devices to give consumers more choice in how they pay,” says Kiki Del Valle, Senior Vice President, Digital Payments and Labs at MasterCard. “The Commerce for Every Device program puts in place a standard for expanding secure contact-less and embedded payment options globally, and our work with Fit Pay and its set of cutting-edge device manufacturers will further help us meet merchant and consumer needs.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Sending Money via Western Union to Debit Cards
Sending Money via Western Union to Debit Cards

Posted: November 14, 2017

MasterCard and the Western Union Company are teaming up so that people will be able to send money via Western Union to any debit card in the U.S., even if the card is not part of the MasterCard network. The duo is working toward... Continue reading
MasterCard and PayPal Stay Together
MasterCard and PayPal Stay Together

Posted: August 15, 2016

The PayPal Extras MasterCard co-branded consumer credit card is still in play with an announcement that the pair have inked a multi-year extension deal for the credit card program in the U.S. and Puerto Rico. Continue reading
Pay With MasterCard Via PayPal
Pay With MasterCard Via PayPal

Posted: September 09, 2016

PayPal and MasterCard have inked a deal giving MasterCard prime time visibility in the PayPal matrix. Whether using PayPal to buy a movie ticket, dinner or something else people will be able to choose to pay directly with their MasterCard... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit