MasterCard has teamed up with wearable payments platform provider Fit Pay to expedite the development of payments-enabled devices, wearables and Internet of Things (IoT) devices.
By integrating the Fit Pay platform with the MasterCard Digital Enablement Service (MDES), both firms will work with Wearatec and other manufacturers to bring to MasterCard customers a range of secure contactless payments-enabled devices.
The Fit Pay platform slashes the time-to-market, expenses and complexity of payment and authentication services for wearable device manufacturers.
Fit Pay believes that more than 2.5 million wearable devices are expected to be enabled for payments in 2017, with the number rising to more than nine million in 2018.
With MasterCard and Fit Pay, Wearatec will collaborate with its partners, such as leather goods designer Jean Rousseau, to bring secure payments to a wide array of men’s and women’s timepieces.
MasterCard said the ability to enable all of these devices with payment services are an extension of its MDES and Digital Enablement Express programs.
Leveraging MDES and Express, any accessory, wearable or device can be payment-enabled to be used at the more than six million MasterCard contactless-enabled merchant locations in 77 countries across the world.
Fit Pay co-founder and CEO Michael Orlando said: “We see a tremendous demand for payment capabilities coming from innovative device manufacturers who recognise the importance to continually expanding the value proposition of their products.
“Working alongside MasterCard, Fit Pay’s platform can seamlessly add contactless payment capabilities to wearable devices, increasing consumer engagement, creating new revenue streams, and making their devices indispensable.”