MasterCard Forms a Contract with Coin to Develop Wearable Payments

By CIOReview | Tuesday, January 12, 2016
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LAS VEGAS, NV: MasterCard signed a partnership contract with Coin to pave way for a wide array of fitness bands, smart watches and other wearable devices into MasterCard payments. MasterCard earlier fortified this alliance by launching Commerce for Every Device program back in October, which converts any consumer gadget, accessory or wearable to perform as a payment device. Building on the partnership, the Program will deliver a user-friendly approach with safe payment options for consumers.

Altas Wearables, designer of Moov, advanced fitness trackers-the personal fitness coach on the wrist, and Omate, the maker of trending smartwatches, are the first of the crew of companies that have extended support to MasterCard and Coin to implement payment technology in their products. They will be combining their technology and skills to invent something that is faster for payment and also easy to carry along.

“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.

The consortium of companies with the help of their technologies will allow the device manufacturers to deliver efficient products to the consumers. The partnership with Coin will enhance the level, to approach an expanded set of device partners. In addition, Coin will be providing hardware and software technology with an extended integration of MasterCard Digital Enablement Service (MDES). MDES can be installed inside the devices to enable manufacturers for instant and easy implementation of payment functionality in their consumer products. The inclusion of Coin’s technology to MasterCard Digital Enablement Express (Express) program simplifies commercialization and introduces participating issuers to a whole new category of devices.

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,” commented Kanishk Parashar, CEO and Co-Founder, Coin.