News > FinTech

Wear your payment on your sleeve, literally

By NexChange

Swiping will soon be a thing of the past.

MasterCard and fashion designer Adam Selman teamed up for the latest in wearables- clothes that hold mobile payment devices. A dress, gloves, jewelry, or sunglasses can all be embedded with discrete minichips, reports The New York Times. The idea, debuted at the Money 20/20 conference on Monday, links to the Bluetooth app in a phone to contain credit card information. Just wave the chip-holding accessory for payment and go.

"We wanted to use things that were already a part of life," says Sherri Haymond, group head of digital channels for MasterCard. "Fashion and jewelry are a big part of that."

But how great is it that consumers can pay with almost anything? Credit cards have already broken the tangible connection between spending and cash, and merely using sunglasses or a coat sleeve could take that disassociation a step further. We may need to think this one through.
Photo: LWYang

Subscribe to our Newsletter

Be one of the first to experience the future of financial services