FitPay, Mastercard Take Prepaid to Wearables, IoT
Pay Award-winning FitPay Inc., a provider of payment, credential management and authentication platform services, is planning to offer prepaid accounts on wearable and other devices connected to its FitPay Payment Platform.
The digital FitPay Prepaid MasterCard will enable consumers with FitPay’s contactless payment-enabled devices to store funds directly on their devices. FitPay is a wholly owned subsidiary of NXT-ID Inc.
The FitPay Prepaid MasterCard option will be available to original equipment manufacturers that integrate their products with the Fit Pay platform. Consumers will be able to load their Fit Pay-enabled Internet of Things (IoT) or wearable devices with prepaid value for contactless purchases. Users can then reload their accounts, set top-up thresholds and manage account settings via a digital wallet.
IDC estimates that vendors will ship a total of 125.5 million wearable devices this year, marking a 20.4 percent increase from the 104.3 million units shipped in 2016.
“Prepaid is a natural fit for enabling payments within the IoT ecosystem,” said Solana Cozzo, North America vice president of prepaid and inclusive growth for Mastercard. “It meets consumers’ needs for security and control as their payment credentials are linked to a wider set of devices.”