The clunky, overstuffed wallet is quickly becoming a thing of the past. Advancements in payment technology combined with consumer and merchant support are making this transition occur faster than any previous evolution within our industry.
Device-based payments are no longer some futuristic opportunity. They are real and here, and are becoming a part of the core value proposition of new devices. And the initial and immediate market impact of Apple Pay makes it clear that consumers are on board and merchants are seeing the benefits.
In bringing secure payment capability to devices like the iPhone 6 and iPhone 6 Plus, the constraints of the physical card have been removed. Our focus at MasterCard has been on delivering a secure platform that leverages the most advanced payment technologies to enable any connected device to be a commerce device. Mission critical for this platform were three things: security, familiarity and simplicity.
Security – It’s our responsibility to protect our cardholders, and we do this by leveraging the most advanced payment technologies – EMV, tokenization, cryptography and biometrics – to ensure the integrity of their information when they use a MasterCard.
Familiarity – There’s an embedded trust a consumer has with their bank or card issuer, and it’s our intent to assure them that use of a MasterCard account on ANY device carries all the guarantees and benefits of a MasterCard transaction.
Simplicity – Ease of use is a must for any new payment option. Consumers don’t seek out opportunities to pay for things, the payment or transaction is simply a means to fulfilling a need or want.
With the Apple Watch being made available today, this entirely new device is poised to continue the contactless payments momentum initiated late last year when Apple Pay was first introduced. MasterCard cardholders with an iPhone 5, iPhone 5c, iPhone 5s, iPhone 6 or iPhone 6 Plus are now able to use Apple Pay to make everyday purchases in-store with Apple Watch.
From your wrist to your car– the capability is there to bring payments to places we never before considered. That’s what keeps me excited. Where would you like to see payment functionality incorporated?