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Fit Pay, Mastercard Take Prepaid to Wearables, IoT

Pay Award-winning Fit Pay 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 Fit Pay Payment Platform.

The digital FitPay Prepaid MasterCard will enable consumers with Fit Pay’s contactless payment-enabled devices to store funds directly on their devices. Fit Pay 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.”

The FitPay Prepaid MasterCard is issued by Sunrise Banks N.A. Cascade Financial Technology Corp. serves as the program manager.

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This entry was posted on Tuesday, July 11th, 2017 at 6:11 pm and is filed under Pay News.


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