Coin teams with MasterCard in wearable payments push
Wed 6 Jan 2016
Smart payments startup Coin has announced it is to team up with MasterCard to use its electronic card technology to help companies integrate payment services into their fitness trackers and other wearable devices.
Coin’s smart credit card can store several different payment cards, including gift and membership cards, simultaneously. According to CEO Kanishk Parashar, the company is now looking to branch out from its digital credit card business and support the wider development of the wearable payments sector.
Under the new MasterCard partnership, owners of wearables with integrated Coin technology will be able to pay at retail outlets without the need to take out any cash or card – instead just waving the device in front of the payment terminal.
The technology has been built by repurposing a chip Coin designed for use in its smart cards. The chip, which is only half a millimetre in thickness, will easily fit into wearable hardware without sacrificing space or battery life.
Wearable firms such as Moov, Omate and Atlas Wearables, are already said to be working alongside MasterCard and Coin to offer mobile payments with their future product ranges.
Sherri Haymand, senior VP of digital payments at MasterCard, commented that the partnership was part of a wider corporate push to integrate mobile payments into all devices. “Coin is really bringing to life the idea of simplicity, and speed to market […] It is basically doing all the work by providing a hardware and software that device manufacturers can use to easily connect with MasterCard,” she said.
The deal between Coin and MasterCard is not exclusive, which means that there is still potential for Visa and American Express customers to benefit when the Coin-embedded tech begins to ship later this year.
On the launch of its first generation smart card two years ago, Coin got off to a rocky start following missed shipping deadlines and an unreliable product. However, its second version, released towards the end of 2015, was deemed an improvement.