Bangkok--May 12---Shandwick International (Thailand)
How will emerging computing technologies and the new Internet-driven economy affect the way we make payments in the future? The answer to that question will now be the focus of a new laboratory being founded at one of the world's most prestigious research centers, the Massachusetts Institute of Technology (MIT) Media Lab.
MasterCard International recently announced a US$5 million grant to establish the "The MasterCard Future of Transactions Laboratory(," to be located at the MIT Media Lab in Cambridge, Massachusetts. Research at the Lab will help invent the new types of payment transactions that will be possible in a fully networked world and explore the social and economic consequences that may result from these new technologies. For example, the Media Lab will explore the use of wireless personal devices, such as mobile phones, palmtop computers, and PDAs to provide consumers the ability to shop anywhere, anytime.
"MasterCard always strives to help its member financial institutions look for new opportunities to meet the changing needs of consumers," said William I Jacobs, senior executive vice president, Strategic Ventures. "As we look to the future, we feel confident that our collaboration with the MIT Media Lab will continue to keep our members in touch with what matters to cardholders and deliver the products and services they need."
"The technologies we will be pursuing in the new laboratory will touch the lives of the average consumer," explained Nicholas Negroponte, director and co-founder of the MIT Media Lab. "Buying and selling is an essential part of our everyday lives. Making the process more flexible, more convenient and more secure will have significant benefits to both consumers and businesses."
"This partnership with MIT will be an important part of our effort to unlock the power of emerging technologies, and create new ways for people to buy and sell," explained Jacobs. "We want to develop even more secure methods for people to easily access a variety of financial services, and instantly conduct transactions wherever they are."
This new agreement with MIT extends and deepens MasterCard's existing three-year relationship with the Institute, and will play an important part in the company's ongoing efforts to pioneer the commercial availability of new, technology-driven products and services.
MasterCard already offers computer chip-enabled "smart cards," which are currently in use in many countries around the world. These cards allow a number of payment options (credit, debit, stored-value electronic cash), all on a single card. The smart cards also offer enhanced security features that make them ideal for reducing the risk of Internet transactions.
A trailblazer in the payments industry, especially when it comes to emerging technologies, MasterCard's development of a secure way for payment transactions to be processed over open networks has been a leader in opening up the electronic commerce marketplace to consumers, merchants and member banks.
Since opening its doors in 1985, the MIT Media Lab has helped pioneer a vision of a digital society. The lab is currently exploring such areas as electronic paper, "intelligent" software agents for the Internet, "smart" clothing that can recognize and respond to the wearer's needs and state of mind and new "toys to think with." The Media Lab operates on an annual budget of US$35 million. More than 90 percent of that funding comes from approximately 170 corporate sponsors, and the balance from a number of government agencies and individuals.
MasterCard International MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard(, Cirrus( and Maestro( logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 18 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded USUS$727 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.
MasterCard International Sermmitr Tower, 11th Floor 159 Asoke Road, Sukhumvit 21 Bangkok 10110 Thailand CORP/1105/00/008
Contacts: Prithayuth Nivasabutr, MasterCard International + 662 260-8572, [email protected] Udomlux Olarn/Ravisada Angkeeros, Shandwick International + 662 257-0300, [email protected], [email protected] End.
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