MasterCard and Coin Sign Agreement to Power Wearable Payments
Partnership Bolsters the MasterCard Commerce for Every Device Program to Deliver More Convenient and Safe Payment Options for Consumers
Atlas, Moov, and Omate to Enable MasterCard Payments on their Fitness Bands and Smart Watches
Las Vegas, NV – January 6, 2016 – MasterCard today announced a partnership with Coin to bring MasterCard payments to a wide array of fitness bands, smart watches and other wearable devices.
This collaboration builds upon the MasterCard announcement in October introducing the Commerce for Every Device program to enable any consumer gadget, accessory or wearable to become a payment device.
Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of fashionable smartwatches, are the first set of companies working with MasterCard and Coin to implement payment technology in their products.
“The great thing about the MasterCard program is that we are adding payment functionality to items that consumers are already using – fitness bands, jewelry, clothing, watches,” said Sherri Haymond, Senior Vice President, Digital Payments, MasterCard. “This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners.”
Coin will provide hardware and software technology that is integrated with the MasterCard Digital Enablement Service (MDES) and can be embedded into devices to enable manufacturers to quickly and easily implement payment functionality into their consumer products. Leveraging the MasterCard Digital Enablement Express (Express) program, the addition of Coin’s technology simplifies commercialization and enables participating issuers to expand to a whole new category of devices.
“Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable/IoT industry. Leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market,” said Kanishk Parashar, CEO and Co-Founder of Coin. “MasterCard is our essential partner as we team up to enable the wearable domain that is projected to grow to an astounding $53 billion by 2019.”
Peter Li, Co-Founder & CEO, Atlas Wearables:
“Atlas understands that customers today want more convenience, without interruption. For Atlas to partner with anyone, the solution has to be seamless. That is why we are excited to work with Coin and MasterCard on bringing payments to our intelligent fitness tracker. Especially when exercising, people want to be as light as possible. Purchases enabled on Atlas devices are useful whether someone is taking a jog outside or lifting weights at the health club. The simple integration offered by MasterCard and Coin means we can put payments on our roadmap without any distractions to our business. Everyone wins!”
Meng Li, Co-founder & CEO, Moov:
“Moov, the leader in the next generation of wearables, literally coaches users into a fitter, healthier, and more agile lifestyle. Now, with the opportunity to team up with the most trusted financial industry leader in MasterCard and the mobile payment experts at Coin, shopping won’t slow down our fast paced customers. We are excited about what this partnership offers, and we know our users will enjoy the convenience of accessing their wallets on the go with their Moov.”
Laurent Le Pen, Founder & CEO, Omate:
“Payment is the ultimate step for the global adoption of wearables; which is why Omate is excited to partner with Coin and MasterCard. Teaming up with major players in the payment industry allows us to continue fulfilling our commitment to customers of providing fashionable products that meet their needs. MasterCard and Coin are making it easy for us to empower our customers to purchase in style, with a simple backend solution that is compliant to financial standards and CVM approvals.”
Coin is a consumer electronics and financial software company focused on bringing simplicity and security to payments. Coin gives consumers the freedom to pay how, when and where they want while reducing the number of cards in their wallets. Founded by Kanishk Parashar and Karthik Balakrishnan, the Silicon Valley team behind Coin has a passion for innovative technology that seamlessly improves customers’ lives.
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