When it comes to paying for our purchases, there are so many ways we can go about doing so. We can do that by paying in cash, the good old fashioned way, or we can use credit or debit cards. However these days there are now options to pay using mobile apps that facilitate instant bank transfers, or mobile payment services like Apple Pay, Android Pay, Samsung Pay, etc.
Basically there are many ways we can make payments right now. However it looks like MasterCard wants to increase that variety by announcing a plan that can turn any consumer accessory, or a wearable into a payment device. This means that not only can you pay with your phone or smartwatch, but you could pay using fobs on your keychain, a smart ring, maybe a Bluetooth necklace, and so on.
In fact MasterCard has teamed up with the likes of Adam Selman, a fashion designer; General Motors; Nymi who creates wearables; Ringly who makes smart jewelry, and TrackR, a company that creates Bluetooth devices like tracking tags, all of whom are expected to create products that can also double up as mobile payment devices, so safe to say there will be quite a few options that customers can expect to choose from.
According to Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, “This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything – rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next.”