MasterCard embraces m-Lifesyle

Payments giant looks to digital future at Cards and Payments Middle East

Tags: Dubai World Trade CentreE-commerceMastercardUnited Arab Emirates
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MasterCard embraces m-Lifesyle Lyons: We’re looking to create a world beyond cash.
By  Stephen McBride Published  May 13, 2014

Credit behemoth MasterCard has its eyes firmly on the emergence of mobile technology and its application to the field of commerce this week at Cards and Payments, Middle East, the finance industry show being held at the Dubai World Trade Centre.

The company is demonstrating, among other offerings, its digital wallet service known as MasterPass. The details of several credit cards are held in a single cloud account, allowing e-consumers to make purchases online by single-sign-on, picking the pre-recorded card details with a single click.

"[We are] looking at the future from a fresh perspective and looking at how consumer trends and technological trends are going to impact commerce," Gary Lyons, chief innovation officer and head of MasterCard Labs told ITP.net. "We have distilled this down to a small number of areas we think are going to be most relevant."

Lyons paid homage to the emerging concept of the Internet of Things, which has led to wildly contradictory figures as to the number of connected devices worldwide by 2020. Predictions range from 25bn devices to 75bn. Lyons himself cites a figure of 60bn.

"We are doing a lot of stuff with mobile and NFC, but we also have a philosophy that every connected device will be a commerce device," he said.

"We're looking to create a world beyond cash. A big part of what I'm trying to do is create a world beyond plastic and to use mobile technology to create fantastic experiences for customers."

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