Mobile payment software is taking off, but what if you could pay with more than just your phone or credit card? MasterCard is trying to make that possible.
According to The Verge, MasterCard launched a new program recently that will allow companies to make gadgets, like rings, car keys and fitness trackers, that can also be used to make purchases.
MasterCard already has partners lined up. Car giant General Motors and technology startups Ringly and Nymi have already made prototypes to demonstrate the new technology.
Despite the implementation of new, embedded chip cards in the U.S. just starting, many companies are already looking for the next big thing. Most are moving into the mobile phone space, including Apple, Samsung, Google and Chase, but MasterCard is taking a different tact, hoping to set themselves apart from their competitors.
MasterCard's reasoning behind the new program is simple: why reach into your pocket to pull out a phone or card when you can just wave the ring on your finger to make a purchase? But rings and bracelets are just the beginning of what MasterCard views as a connected "gadget."
"It's starting to get ahead of the boom in connected gadgets," The Verge's Jacob Kastrenakes wrote. "MasterCard is imagining a world in which its tech even allows connected clothing to make payments."
Though MasterCard has relationships with almost every major bank, only Capital One is currently on board to support these new devices. With the first products scheduled to arrive at some point in 2016, MasterCard has a little bit of time to get more companies on board before launch.
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