MasterCard has joined forces with Coin, a consumer electronics and financial software company, to enable smaller companies integrate payment services in to their fitness bands, smart watches and other wearable devices.
Under the deal, Coin will provide the necessary hardware and software that is integrated with the MasterCard Digital Enablement Service (MDES) and can be embedded into products, while MasterCard will manage the service side of things.
Wearable and fitness devices makers Atlas wearables, Moov, and Omate are the first suppliers to collaborate with MasterCard and Coin.
The partnership will leverage the MasterCard Digital Enablement Express (Express) program.
Commenting on the deal, MasterCard senior VP for digital payments Sherri Haymond said: "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.
"This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners."
Coin CEO and co-founder Kanishk Parashar said: "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.
"MasterCard is our essential partner as we team up to enable the wearable domain that is projected to grow to an astounding $53 billion by 2019."