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MasterCard’s Innovation Hub Highlights Cashless Payment Technologies

MasterCard recently opened a technology hub in New York housing the teams behind MasterPass Digital Wallet, Digital Enablement System and Start Path, an accelerator program for fintech startups. The hub has been set up to highlight MasterCard’s innovations like the tokenization service that is securing Apple Pay transactions. An Apple Pay NFC payment demonstration at the launch of hub was a major highlight.

Other demonstrations include payments using a Pebble smartwatch. Another one was about a new integration with laundry machines from Maytag that would enable mobile payments at laundromats. The integration allows users to use a mobile payments app to reserve a machine, check their availability and receive alerts. Demonstrations are also on display around the use of biometric authentication through fingerprint, voice and facial recognition.

Here is an illustration from the hub:

The technology hub acts as a platform for product and technology teams to collaborate in an open design environment. MasterCard is leveraging the hub to engage engineers and developers, collaborate with customers and build a talent pool. Some specific teams as part of the hub includes:

MasterPass

Dedicated to providing a convenient, simple and secure online checkout capability, the MasterPass team works with merchants and issuers to allow for all kinds of digital transactions—in-store, in-aisle, in-app and online.

Digital Enablement System

The team is at the forefront of developing solutions that eliminate the need to store payment data such as plastic credit card numbers. It provides digital tokens for more secure systems, including the one powering Apple Pay.

OpenAPI

MasterCard’s Open API and the Developer Zone are access points to connect developers and entrepreneurs to the incredible data resources, state-of-the-industry products & services and the unrivaled security that MasterCard provides.

MasterCard Labs

It is the company’s research and development function tasked with fast-tracking innovative products and services to bring them to market quickly.

Start Path

It nurtures early stage startups to collaboratively accelerate the future of commerce. It provides fantastic opportunities for successful partnerships and close collaboration.

The technology hub is an initiative by MasterCard to show the industry that digital payments are paving the way for a world moving beyond cash. Ajay Banga, Chief Executive Officer at MasterCard commented: New York City is one of the world’s preeminent technology and product talent pools, and we see our Flatiron office as critical input for our continued global innovation. The payments industry is being redefined in the digital age, and the office builds upon our Dublin, Singapore and St. Louis hubs, reinforcing our commitment to developing the most cutting-edge payment technologies.

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