PURCHASE, N.Y.—Coin, maker of the first “smart” credit card, is teaming up with MasterCard to help other companies integrate mobile payments into their fitness devices, smartwatches, jewelry or clothing.
The partnership will allow almost any device that has an NFC chip in it to make the wearable a payment device, explained Bill Hardekopf, CEO at LowCards.com in Birmingham, Ala.
The program spins off MasterCard’s efforts last year in which the company introduced the same concept: tokenized payment systems device makers could embed in virtually anything.
The change here is that Coin is going to provide both the software and hardware to other manufacturers so they have a turnkey solution for adding payments to their devices. MasterCard has already gotten its payment system set up with key fobs, rings, and wristbands, explained The Verge, a news website.
MasterCard and Coin have partnerships set up with Atlas wearables, Moov, and Omate — all of whom make wearable or fitness devices.