Mastercard is partnering with WeWork, a provider of shared workspaces, to pilot IoT and digital payment solutions for offices.
The program — which marks Mastercard’s first time piloting an office-specific offering — is being developed in partnership with Cisco and AVA retail. Two of the solutions, which are currently being piloted at WeWork’s Enterprise Innovation Lab in San Francisco, are:
- Pay-as-you-go capability. WeWork’s “Hot Desk” service, which is designed for people who work part time or remotely, currently costs $ 220. But a new tool, powered by Cisco’s Kinetic IoT data platform, could help shift it to a pay-as-you go model, using Mastercard’s payment infrastructure that charges members for the time they spend at a Hot Desk, rather than at a fixed rate. These offerings could be more flexible and cost-effective, but also convenient.
- Contactless purchasing. Customers can make Mastercard-powered contactless purchases at WeWork’s snack and beverage self-service kiosks — called Honesty Markets — that are equipped with AVA SmoothShop technology, which wirelessly tracks purchases, to reduce friction.
This program can potentially drive adoption of contactless payment technology.WeWork has a growing network — the company counts more than 150,000 members and more than 160 locations throughout 50 cities worldwide. Now, Mastercard can expose that population to contactless payments for daily purchases, which could help normalize the technology. Contactless payments have been slow to catch on, comprising only 2% of US transactions this year, according to a Juniper study. But introducing in-office contactless payment technology could help get consumers accustomed to the payment method. If this pilot program is successful, and Mastercard deploys it at more locations, it can be a catalyst to contactless payment adoption.
The Internet of Things (IoT) is growing rapidly as companies around the world connect thousands of devices every day. But behind those devices, there’s a sector worth hundreds of billions of dollars supporting the IoT.
Platforms are the glue that holds the IoT together, allowing users to take full advantage of the disruptive potential of connected devices. These platforms allow the IoT to achieve its transformational potential, letting businesses manage devices, analyze data, and automate the workflow.
Peter Newman, research analyst for BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on the evolving IoT platform ecosystem that:
- Explains the coming growth of the IoT platforms.
- Profiles a number of leading platforms.
- Highlights the central role platforms play in the IoT.
- Looks to the future of the IoT platforms market.
You can also purchase and download the full report from our research store.
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