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MasterCard’s new program wants to turn wearables into payment devices

Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook. Global payments company MasterCard has introduced a new programme called Commerce For Every Device which will allow products such as car key fobs, wearables, and fashion accessories to be converted into a payment device.  With this, the company is pushing digital payments in the Internet of Things space. MasterCard has partnered with General Motors, wearable technology company Nymi, smart jewelry company Ringly, Bluetooth locator TrackR and designer Adam Selman for the programme. Users will have to buy a fitness tracker, ring or other connected devices from these companies and MasterCard will enable payments over them. Here's a video which sort of explains how the new programme could work: From the video, MasterCard will enable tap-and-go payments on a connected device and it looks like it will need specialized POS terminals for the same. However, the company does not mention what technology it will use for such payments. Usually for tap-and-go payments, companies and banks use NFC technology or a combination Bluetooth and sound (as in the case of iKaaz's Mowa). MasterCard did mention that it has working with chip makers Qualcomm and NXP to develop technology to enable secure payments. It added that Commerce For Every Device is an extension of its MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program. The MDES program provides tokenization services for existing cards using MasterCard. In tokenization, a card number is replaced…

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