MasterCard Launches Wearable as Payment Device

Wearable to Pay on Mastercard

MasterCard has introduced a new program that will bring MasterCard payments using wearable device. This program will makes possible for consumers to shop using the device such as wearable or thing that is most easy to bring with the highest security level, without having to worry about credit card processing machines or ID theft. Imagine that, everyone with their own wearable device can buy and pay anything every time, everywhere, all they want. By this program, MasterCard will launch the support of any marquee partners across, with multiple verticals to get every support for lifestyle need.  The world becomes small and smaller if this program success to applied.

More specific about the wearable device that launched by MasterCard, this wearable like a ring, wristlet, or like a key chain of car. This program is a continuation of the MDES (MasterCard Digital Enablement Service), and the Digital Express (Enablement Express) program before. This Program will brings every device be a commerce device that can be a payment device. Based on MDES and Express program, wearable or device can be like a payment-enabled device. Every wearable or device can be quickly registered to millions of MasterCard accounts in the world.

MasterCard has cooperate with the NXP as a semiconductor company and Qualcomm as a chip company to develop a chip technology that can support this program. Then, to develop the wearable device MasterCard has cooperate Nymi for wristlet device, Ringly for ring device, and General motor for a key chain car device. Adam Selman as a designer is a partner of MasterCard on this program.

How is it work? We can get a Payment using wearable device by making close between the wearable device with the terminal point-of-sale at cashier. NFC (Near Field Communication) technology make us possible to make a connection between the wearable and the MasterCard network. MasterCard use dynamic tokenization technology for security system, the aim is to replace the number of credit card, that way is applied for online shop and make a transaction at point-of-sale. Beside that, there is a more security system to make the transaction safely, MasterCard use the on-time code that produced by chip technology on wearable device. A payment using wearable device is more safely than the chip on card, because there is a unique identifier attached in every token at every transaction. A device or Wearable to make a payment will be available on US next year.