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Jonathan Camhi
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MasterCard Opens New Innovation Hub in New York City

MasterCard's new innovation lab will house teams working on cyber security, mobile payments, and the Internet of Things.
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MasterCard showcased a number of its most recent innovations last night at the opening of its new NYC Technology Hub, including the MasterCard Digital Enablement System’s tokenization service that is securing ApplePay transactions. The new 60,000 square foot hub located on Fifth Avenue will house the teams behind the MasterPass digital wallet, the Digital Enablement System, and MasterCard Labs’ Start Path, an accelerator for financial technology startups.

“This is where we’re inventing what’s next … We’re building a world where everything is going to be connected. It’s not just your smartphones, it’s your tablets, your game systems, your home appliances, and it’s your car becoming a computer on wheels. So in a world where everyone is connected and everything is connected, what MasterCard can do to enable safe and secure commerce is just an incredible opportunity,” Ed McLaughlin, MasterCard’s chief emerging payments officer, said at the opening last night.

The most timely technology demonstration at the event was an NFC ApplePay payment. ApplePay, which launched with a great deal of hype yesterday, leverages tokenization from MasterCard to secure credit card credentials during transactions. ApplePay’s launch will be a boon for NFC payments technology in the US, which has lagged behind other countries in adoption, Kathleen Reilly, MasterCard’s vice president of emerging payments, said during the demonstration.  

“We already have 220,000 merchants in the US accepting contactless [NFC] payments, and ApplePay will be a huge deal for getting consumers interested [in using the technology],” she remarked.

 

ApplePay NFC demonstration at MasterCard's NYC Technology Hub.
ApplePay NFC demonstration at MasterCard's NYC Technology Hub.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/24/2014 | 2:09:57 PM
Re: Impressed
Wow I'm generally surprised at how eye scanning puts people off. I guess I'm out of touch on this one.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/24/2014 | 2:07:41 PM
Re: Impressed
Point taken.
Kelly22
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Kelly22,
User Rank: Author
10/24/2014 | 1:51:40 PM
Re: Impressed
Hmmm I'd take eye scanning if it meant better security but it still seems a little too sci-fi for me... definite yes to fingerprint scanners though. 
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/24/2014 | 1:37:23 PM
Re: Impressed
Jon, have a problem with Clones? Hire a Jedi.

Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/24/2014 | 11:54:43 AM
Re: Impressed
I think it's important to note that no one has addressed my previous comment about clones. They could be the future of fraud in a world where biometrics are the most common authentication. Bet nobody's got a solution for that problem yet.
Byurcan
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Byurcan,
User Rank: Author
10/24/2014 | 11:06:03 AM
Re: Impressed
It's just the first step before they start implanting chips in our brains. They'll never take me!
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/23/2014 | 4:30:33 PM
Re: Impressed
I have no prolblem with fingerprints, but eye scans? I'll pass for now.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/23/2014 | 4:26:55 PM
Re: Impressed
Really? I'm not freaked out by them at all. Maybe that's just me but I'm much more freaked out about having my identityt stolen or someone stealing my credentials.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/23/2014 | 4:11:51 PM
Re: Impressed
Fingerprints are one thing, but I think many consumers will be freaked out by retna scans. (I know I am).
Kelly22
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Kelly22,
User Rank: Author
10/23/2014 | 1:29:26 PM
Re: Impressed
I would completely support the move to a change-less society. Every bag I own would weigh about 10 pounds less!  
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