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Jonathan Camhi
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
10/22/2014 | 10:54:40 AM
Re: Impressed
I think people could get behind a change-less society more than a cash-less society. Americans love to use cash compared to a lot of other countries, but I don't know anyone who likes collecting change. Getting rid of pennies would be a good first step. They're pretty useless.
Byurcan
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Byurcan,
User Rank: Author
10/22/2014 | 9:48:19 AM
Re: Impressed
I for one will not abandon the time-honored tradition of lugging a sack of quaretrs to a laundromat.
Becca L
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Becca L,
User Rank: Author
10/21/2014 | 2:01:51 PM
Re: Impressed
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/21/2014 | 1:56:02 PM
Re: Impressed
Snake eyes.
Becca L
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Becca L,
User Rank: Author
10/21/2014 | 1:49:23 PM
Re: Impressed
I believe it, although it still has a sci-fi feel to it.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/21/2014 | 1:45:52 PM
Re: Impressed
Yeah I definitely found the Maytag integration to be one fo the most interesting use cases. I hate going to the laundromat and finding that all of the machines are full. With this integration, you'd be able to see on your phone if there weren't any machines available.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/21/2014 | 1:43:48 PM
Re: Impressed
I know in MasterCard's case, even though it looks like it's reading your whole face, it's mostly scanning your iris. I've heard before that the iris is one of the most unique features for each person, so it's supposed to be one of the most secure forms of biometric authentication. Even twins wouldn't be confused for each other with it. But maybe clones...
Becca L
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Becca L,
User Rank: Author
10/21/2014 | 1:35:54 PM
Re: Impressed
I saw the facial ID to unlock  phone in action recently, very cool, and worked in all sorts of lighting and with all sorts of funny faces. I have to admit, it makes sense for that to take off as a future of authentication.

Gotta watch out for those identical twins, though.
Becca L
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Becca L,
User Rank: Author
10/21/2014 | 1:31:07 PM
Impressed
Great demonstrations and use cases. I love that thanks to the hype of ApplePay all these innovations are coming to light in a real and applicable ways. Mobile payments at laundromats - no more putting aside all my quarters!
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