The Internet of Things (IoT) is a new line of technology which sees everyday materials transformed into materials that transcend into the world of technology. The Internet of Things is that which sees to it that that which you have been using for ordinary and normal stuffs before becomes something with which you can do something tangible online. As the name has implied, the Internet of Things can reach everything that pertains to our daily lives and this is why the tag, “Smart” , has been affixed to many materials today.
With various industries keying into this idea to make everything they run ‘smart’, MasterCard has just opened up about an initiative that it hopes to launch with which people would be able to complete financial transactions not only with their credit cards now but other things likewise.
They are currently in the works with gadget manufacturers to bring the IoT to things such as car keys, rings, etc, which can then be used to make purchases.
The Chief Emerging Payment Officer at MasterCard in person of Ed McLaughlin has said, “As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all of their devices to work seamlessly together.”
“This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything – rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next,” he continued.