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Samsung and MasterCard are bringing fintech to your fridge, but its just the start
The internet of things (IoT) is reaching into all industries and financial technology is no exception. The melding of these two nascent sectors has given birth to a new partnership between South Korean conglomerate Samsung and credit card giant MasterCard and together the two firms are looking to make inroads into your fridge.
In a statement, MasterCard revealed that it has teamed up with e-commerce platform MyWebGrocer and Samsung to develop a mobile groceries app which will be integrated with the Samsung Family Hub refrigerator that will be released in the U.S. in May. The app — which will be accessed via touchscreen on the fridge — will track shopping habits to make personalized suggestions on items, it also intends incorporate recipes and video integration in the future.
The app — which will be accessed via touchscreen on the fridge — will track shopping habits, make personalized suggestions on items, and allow users to make purchases. It also intends incorporate recipes and video integration in the future.
The tie-up comes just two months after Deloitte released a report on the possible synergies between IoT technology and fintech. The opportunity is huge not just in terms of making payments easier for the end-user, but also — for better or for worse — because of the data financial institutions will have access to. It said:
More and more devices and other items are such as everyday appliance, watches, eyeglasses, and even clothing are coming equipped with sensors that collect information that collect information about individuals, their condition, and the transactions that they make, storing the data and even transmitting it to service providers. Gartner forecasts that there willl be more than 26 billion internet-linked device and appliances world wide by 2020.
Fintech in the fridge is just scratching the surface. It’s more than likely we will see IoT cross over into finance more and more with similar partnerships to form a “finternet of things”. The big question is: how comfortable will consumers be with this trend?