Fit Pay, a provider of payment, credential management and authentication platform and a wholly-owned subsidiary of NXT-ID, has teamed up with MasterCard to offer prepaid capabilities on wearable devices connected to the Fit Pay payment platform.
The FitPay Prepaid MasterCard will empower consumers who are using Fit Pay’s contactless payment-enabled devices to store funds directly on their devices.
The option will be available to original equipment manufacturers, who integrate their products with the Fit Pay platform.
Using the new capability, users can load their Fit Pay-enabled Internet of Things or wearable device with a prepaid value for contactless purchases.
A digital wallet will enable them to re-load the account, set top-off thresholds and manage the account settings.
NXT-ID COO and Fit Pay president Michael Orlando said: “Adding reloadable prepaid capabilities is a new feature for devices on our platform and makes our payment enablement services available on a wider range of form factors.
“Prepaid accounts give consumers more flexibility in how they make contactless payments.This is particularly appealing to millennials who are more likely to use a prepaid account, more likely to own a wearable and more likely to make a contactless payment.”
The FitPay Prepaid MasterCard is sponsored by Sunrise Banks, while Cascade Financial Technology is acting as the programme manager. The device can be used where debit MasterCard is accepted.