“We are adding payment functionality to items that consumers are already using – fitness bands, jewellery, clothing, watches,” says MasterCard’s senior vice-president for digital payments, Sherri Haymond.
“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 will provide hardware and software technology for embedding MasterCard payments into devices.
“Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable device industry,” says Coin co-founder and CEO Kanishk Parashar.
“By leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market.”
He says the wearable domain is projected to grow to $53 billion by 2019.