It may not be too long before you can use your step counter, washing machine or refrigerator to make digital payments. Global payments company Mastercard is working to enable IoT devices to be used as payment devices
“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.
Though pilot projects have been conducted in the past to convert connected devices into payment channels, Sridhar said the company is now working to roll it out on a larger scale. “We are working in the region with a very large multi-country player to connect all of their products,” said Singapore-based Sridhar, indicating that a formal announcement may be made in a couple of quarters.
While Mastercard started as a credit/debit card network, Sridhar said it is now also focussed on providing 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. The company is now working on a number of innovations, including smart cities, and digital identity management; it has also invested in processing companies, AI and machine learning firms, as well as passive biometric companies.
India plans
Terming India as one of its top markets, Sridhar said that Mastercard will continue to invest in the country.
“India is among our top three to four markets. It is the market of the future as the Pradhan Mantri Jan Dhan Yojana has expanded the net of consumers,” she noted.
In India, Mastercard has also set up its global technology development centre, global centre for mobile digital applications and global centre of analytics.