Contactless payment jacket and ring: Mastercard develops a new program

15.02.2018 | 10:00 Home / News / Fintech /
#Mastercard #Alexey Malinovsky #Commerce for Every Device
CEO of Mastercard Russia Alexey Malinovsky said in an interview to TASS that “the company is developing a program called Commerce for Every Device”.

“Holders of a payment functional may be clothes, fitness gadgets or jewelry. For examples, Mastercard created a jacket for professional golfer Graeme McDowell, which allows him to make payments by only touching the reader with a sleeve. Contactless payments are already available for certain models of Fitbit and Garmin smart watches, Moov fitness bracelets and   Bvlgari luxury smart watches. At the end of November we announced the launch of the first Mastercard rings in Russia,” Alexey Malinovsky noted.

According to him, Internet of Things allows us to incorporate payment means anywhere we wish by simply applying contactless technologies. “I like to bring this example: a refrigerator, which can make orders and pay for them. This already exists and it works in fact. I’m sure that in the future we will have cars, which will be able to pay for a parking lot. That is to say, a number of tasks will be accomplished with the help of non-cash payment solutions.”

Touching upon the perspectives of artificial intelligence, Alexey Malinovsky considers that it can considerably be applied at least in one sector, which is risk assessment. At the same time, he thinks that the incorporation of any new technology should be provided only once it is already tested and poses no question.

“However, we consider all new opportunities and directions. It’s worth noting that this year Mastercard acquired a company, which deals with artificial intelligence,” Malinovsky remarked.

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