MasterCard wants to put a digital wallet into everything you own

In spite of the best efforts of dozens of tech companies, physical wallets aren’t dead yet. Cash and plastic debit cards still rule our transactions — not NFC-based mobile payments with Apple Pay, Android Pay, or even Samsung Pay — but if MasterCard has it’s way, that may not be true for too long. In 2016, MasterCard will unleash a torrent of connected things that can all make secure mobile payments without the help of your phone or debit card.

Cruising through the drive thru at McDonald’s? Your car will one day pay the bill for you — you can just grab your burger and go. Going for a run and want to grab a coffee on your way home? Forget the wallet — your hoodie will pay.

Any connected object can be turned into a secure payment device.

The world MasterCard imagines for us has no cards, cash, wallet, or fuss. And the best part is, it’s not dependent on a specific operating system, device, or phone — MasterCard wants to put its payment tech in everything — literally everything. They believe the Internet of Things can also enable regular, everyday items to make payments, and it’s coming in 2016.

To get people excited about the possibilities, it has rounded up a bunch of partners from multiple industries to illustrate how it can be done, and is showcasing them at the Money 20/20 conference in Las Vegas. Well-known designer Adam Selman made an experimental collection of accessories and clothing, General Motors made a special key fob, Nymi offered up its band that authenticates users’ pulse for security, TrackR updated its Bluetooth key finder gadget, and Ringly pimped out its smart ring to work with MasterCard’s cool payment tech.

“Every device will become a commerce device and today, it’s possible,” Sherri Haymond, MasterCard’s SVP & Group Head of Digital Channel Engagement told Digital Trends. “We want to show the world what we’re talking about with these different prototypes.”

Make secure transactions with anything

To turn a key fob, smart ring, handbag, and wristband into payment devices, MasterCard’s partners worked with Qualcomm and NXP — the company behind the push for Near Field Communication (NFC) technology, which powers Apple Pay, Android Pay, and other mobile payment systems. Once the connected devices have NFC chips inside, you can use them to pay for anything at retail locations that support NFC payments.

Of course, as with Apple Pay and other NFC-based payment systems, the main obstacle to making mobile payments available to everyone is the lack of retailer support. However, the tide is turning for NFC, and more retailers are now accepting the technology than ever before, thanks in part to the recent rise of EMV-secured credit cards (the “chip card” standard invented by Europay, MasterCard, and Visa) in the United States. A February 2015 report from Berg Insights stated that 75 percent of new payment terminals in the U.S. shipped with NFC technology onboard. Although the exact number of stores that support NFC mobile payments is unknown, Apple boasted in March that 700,000 U.S. stores support Apple Pay, which is powered by NFC, and that number has grown since.

MasterCard

The security behind the payment-enabled devices comes from the MasterCard Digital Enablement Service (MDES) and the Digital Enablement Express (Express) program. Using the framework laid out in these two programs, any connected object can be turned into a secure payment device.

“The goal is for the transition to digital to be more secure than plastic cards,” Haymond said.

MDES uses tokenization to ensure that every payment meets the industry standard of EMV-level security. The token replaces your account number with a random number each time you pay, so that the merchant never sees your actual number. Tokens offer an extra layer of security to help prevent hackers from getting access to your bank account. Only MasterCard can unlock the cryptographic keys, so the any stolen data is useless. Tokenization is the same tech used by Apple Pay, Android Pay, and other popular forms of mobile payments.

However, while those mobile payment services are limited to a few devices that run specific operating systems, MasterCard’s new prototypes are OS agnostic. If you have a payment-enabled Ringly, Nymi band, Adam Selman purse, Trackr button, or GM key fob, it won’t matter whether you own an iPhone, Android phone, or Windows Phone — you’ll be able to pay on the go without a wallet, plastic credit card, or cash.

MasterCard is quick to point out that these prototypes are just the beginning. Now that the word is out, it expects to hear from more companies that are interested in getting into the early testing program.

“Who knows what will come from creative minds in the future?” Haymond said. Indeed, the sky seems to be the limit, assuming the gospel of mobile payments — and the NFC technology that powers it — spreads around the world.

Product Review

Fascinating Finney phone is crypto in a nutshell: Exciting, but also terrifying

The Sirin Labs Finney phone is to cryptocurrency what the iPhone is to Apple Pay. It facilitates the payment, processing, and exchanging of cryptocurrencies on a smartphone, and surprisingly does it in a user-friendly way.
Mobile

The budget-friendly Moto G7 is now available for pre-order

After a number of leaks and rumors, the Motorola Moto G7, Moto G7 Play, and Moto G7 Power are finally here. The devices represent quite a spec bump over the previous-generation Moto G6 phones, yet still come at a reasonable price.
Home Theater

Here's a handy guide to mirroring your favorite devices to your TV screen

A vast arsenal of devices exists to allow sending anything on your mobile device (or PC) to your TV. Our in-depth guide shows you how to mirror content from your smartphone or tablet to the big screen.
Deals

Looking to upgrade? These are the best iPhone deals for February 2019

Apple devices can get expensive, but if you just can't live without iOS, don't despair: We've curated an up-to-date list of all of the absolute best iPhone deals available for February 2019.
Deals

Stay fit and save cash with our top 10 affordable Fitbit alternatives

As much as we love Fitbits, they're rather expensive. If all you want is a simple activity tracker, however, then check out these great cheap Fitbit alternatives. With offerings from brands like Garmin, you don't need to pay full price.
Mobile

Samsung Galaxy S10e vs. OnePlus 6T: Can the Flagship Killer survive?

The Samsung Galaxy S10e is the new affordable flagship on the block, but at $750, it's $200 more than the OnePlus 6T. Does the Flagship Killer stand a chance against the new generation of flagship devices? Let's take a closer look.
Mobile

Samsung’s wide range of Galaxy products means there’s something for everyone

Samsung launched a host of new products on February 20, with prices ranging from just $35, all the way up to nearly $2,000. This was not by chance, and the company believes it has something for everyone in 2019.
Deals

Make some time for the best smartwatch deals for February 2019

Smartwatches make your life easier by sending alerts right on your wrist. Many also provide fitness-tracking features. So if you're ready to take the plunge into wearables and want to save money, read on for the best smartwatch deals.
Product Review

Samsung’s Galaxy Buds are a brilliant combination of value and comfort

With six hours of battery life, an extremely comfortable fit, sweatproofing, and a very palatable price tag, Samsung’s Galaxy Buds are putting all other true wireless earbuds on notice.
Deals

Amazon drops a sweet deal on the Kate Spade Scallop smartwatch for women

Unlike many other smartwatches geared toward women, the Kate Spade Scallop offers a more chic and minimalistic look. With this Amazon sale going on right now, you can get it for $109 off its retail price.
Cars

Lyft’s Shared Saver service offers cheaper rides, but you’ll have to walk a little

Lyft has launched a new ride option called Shared Saver that offers cheaper rides if you're willing to walk a little. Shared Saver designates a nearby pick-up point and drops you off a short distance from your final destination.
Deals

The 5 best Apple AirPods alternatives for Android, Windows, and iOS devices

Apple AirPods, nice as they are, aren't the only game in town. Other makers are offering their own truly wireless earbuds, and if you're looking to buy a pair of high-end in-ear headphones, we've got the best AirPod alternatives on the…
Mobile

Samsung Galaxy S10e vs. iPhone XR: Cut-price flagship showdown

The Samsung Galaxy S10 range has been revealed, and it heralds a new age of powerful technology. The Galaxy S10e packs the new power and design into a cheaper price point. But is it better than the iPhone XR?
Outdoors

This feature-packed parka includes a Wi-Fi hot spot to keep you plugged in

The Norrland Parka is a winter jacket that offers more than 20 features, including pockets for storing smartphones, tablets, and earbuds, as well as a USB battery pack and a Wi-Fi hotspot for staying connected on the go.