Visa, Mastercard to Integrate Payment Technology in your Handbags and Dresses
MasterCard and WISeKey have announced a partnership that will change the way you shop. The two brands together plan to enable contactless payments on select luxury brand watches and wearables. This means that soon enough, realising that you have forgotten to carry your credit card will not put an end to your shopping plans, instead you will be able to use your watch to pay for your purchases. WISeKey already works with several watch companies, including Hublot and Bulgari, which use WISeKey’s patented security software, WIS.WATCH.
“Our collaboration with WISeKey is a great example of how payments functionality can deliver transformative more value for a variety of device manufacturers, and create safe and convenient shopping experiences for their consumers,” said Sherri Haymond, senior vice president, Digital Payments and Labs, MasterCard. “Together, we are using our collective innovative technology and expertise to transform the way people pay for things.”
MasterCard will integrate its payments technology with WISeKey’s Cryptographic Root of Trust for IoT and NFCTrusted technology solutions allowing watches and wearables to become secure transactional devices.
“Working together, WISeKey and MasterCard will open the door to additional e-commerce and marketing opportunities for luxury wearable device and watch manufacturers. The potential for improved communication with customers can lead to increased customer loyalty and repeat business,” said Carlos Moreira, CEO of WISeKey.
Visa is not far behind. Their Visa Ready program will call for the integration of secure, tokenised payment features into wearables and cars. Visa is already signing up brands like Chronos, Coin, and Pebble after partnering with Swatch last year.
With time you might not need wallets and purses for anything but lipgloss and cellphones if the credit card companies have their way.