Author: Julie Campbell

This will make it possible for devices, wearable technology and accessories to be used to pay for purchases.

MasterCard has now introduced a new program that has been designed to bring the brand’s mobile payments to a broader spectrum of different types of electronic consumer products.

These include wearables, fashion, automotive, and a range of other categories that haven’t yet been invented.

The program is meant to make it possible for mobile payments to use whatever gadget or device is most convenient for them, so that they can complete mobile payments using the highest available level of security. The launch of the program has come with a number of big name participants that include General Motors, as well as celebrity designer Adam Selman, as well as the Ringly smart jewelry company and the wearable technology firm, Nymi, in addition to the TrackR Bluetooth locator brand. These are only some of the names that have already joined in to take part in the program through their products.

The Money 20/20 conference in Las Vegas played host to the original display of the mobile payments prototypes.

This step forward in payment technology and hyper-connectivity is a large one for the Internet of Things (IoT). This will help to make it possible for practically every device used by consumers – from major appliances to vehicles and wearables – to be linked by way of the internet. This will completely revolutionize the way consumers interact and the way they complete various transactions.

Cisco has predicted that by the year 2020, there will be 50 billion connected devices. MasterCard is clearly hoping to play a major part in this technological advancement as it establishes this mobile payments program as a foundation of the IoT. The program, itself, is designed to be an additional branch from the MasterCard Digital Enablement Service (MDES) as well as its Digital Enablement Express program (also known as simply “Express”). By bringing MDES and Express together, it would mean that virtually any kind of device could be securely payment-enabled and linked to a MasterCard account so that it can be used to complete transactions to purchase products and services.

Some in the industry are saying that the designer brand may bring legitimacy to the wearables market.

Fossil has recently unveiled a line of new wearable technology in the form of smartwatches, making the designer brand one of the most recent entries into this ecosystem among companies that had not previously been tech-focused.

As of yet, other big names in the same category have not managed to see any large scale successes with wearables.

Companies such as Adidas, Nike and Under Armour have all stepped into wearable technology in various forms, despite the fact that tech has not previously been a central component of their offerings. As of yet, major success has not been seen by any of those brands. In fact, while Under Armour has placed a delay on it device, Nike has altogether abandoned its own. Fossil’s hope is that its name will bring some legitimacy to this brand of the market and that consumers will see the draw of these devices in fashion as much as function.

So far, the wearable technology market has proven to be a very challenging one to all companies involved.

Even the wearable tech that has been launched by companies that are giants in the technology industry has not been flying off the shelves. In the smartwatch from Fossil, the hope is that the partnership between that brand and IBM will show that the design of the device can be made appealing enough for consumers to want to wear it while the features will be attractive enough to offer more than just a novelty.

Aside from what consumers actually choose to do, the entry of Fossil into this space, particularly in partnership with IBM, could help to underscore the relevance of these devices within the overall technology environment.

Fossil is currently the leading fashion watch manufacturer worldwide. That company manufactures watches for several of the top designer brands in addition to the wristwatches that they create under their own name. By bringing that name into wearable technology, it may be another much needed shot in the arm for the industry in the eyes of both the companies involved and for consumers.