Mastercard set to boost digital payments via IoT devices

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mastercardGlobal Payments company Mastercard may soon come up with Internet of Things (IoT) based devices to boost the usage of digital payments.

 “We believe every device is a secure commerce device. The phone feels like the only one, but your refrigerator, washing machine, Fitbit and car are all connected devices and can become payment devices,” said Rama Sridhar, Executive Vice-President (Asia-Pacific), Digital and Emerging Partnerships, Mastercard.

The company in the recent past conducted several projects to convert connected devices into payment channels but now it is working towards rolling out such services on larger scale. Sridhar further added that the brand is working with a very large multi-country player in a bid to connect all its products.

While the firm initiated its journey as a credit/debit card network, but it now also focussed on enabling technology services for businesses.

“Branding the card and creating acceptance for the card is something we used to do earlier and will continue to do in the future. The diversification we have taken is to enable anyone in the business of payments to be able to do so without the need to build the infrastructure and services required to get into the business,” she said.

Mastercard is now working towards innovations comprising smart cities, and digital identity management; it has also made its investments in processing companies, Artificial Intelligence and machine learning firms, as well as passive biometric companies.

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