Mastercard Inc (NYSE:MA) announced a partnership with Coin to bring MasterCard payments to a wide array of fitness bands, smart watches and other wearable devices.

This collaboration builds upon the MasterCard announcement in October introducing the Commerce for Every Device program to enable any consumer gadget, accessory or wearable to become a payment device.

Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of fashionable smartwatches, are the first set of companies working with MasterCard and Coin to implement payment technology in their products.

“The great thing about the MasterCard program is that we are adding payment functionality to items that consumers are already using – fitness bands, jewelry, clothing, watches,” said Sherri Haymond, Senior Vice President, Digital Payments, MasterCard. “This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners.”

Coin will provide hardware and software technology that is integrated with theMasterCard Digital Enablement Service (MDES) and can be embedded into devices to enable manufacturers to quickly and easily implement payment functionality into their consumer products. Leveraging the MasterCard Digital Enablement Express (Express)program, the addition of Coin’s technology simplifies commercialization and enables participating issuers to expand to a whole new category of devices.

Coin’s Payment of Things platform is a turnkey solution to enable payments for the wearable/IoT industry. Leveraging Coin’s technology, device manufacturers will benefit from significantly reduced costs and time to market,” said Kanishk Parashar, CEO and Co-Founder of Coin. “MasterCard is our essential partner as we team up to enable the wearable domain that is projected to grow to an astounding $53 billion by 2019.” (Original Source)

Shares of Mastercard Inc closed yesterday at $94.99, up $0.18 or 0.19%. MA has a 1-year high of $101.76 and a 1-year low of $74.61. The stock’s 50-day moving average is $97.90 and its 200-day moving average is $95.74.

On the ratings front, Mastercard has been the subject of a number of recent research reports. In a report issued on December 31, Piper Jaffray analyst Jason Deleeuw reiterated a Buy rating on MA, with a price target of $120, which represents a potential upside of 26.3% from where the stock is currently trading. Separately, on December 17, Sterne Agee CRT’s Moshe Katri initiated coverage with a Buy rating on the stock and has a price target of $110.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Deleeuw and Moshe Katri have a total average return of 6.2% and 12.3% respectively. Deleeuw has a success rate of 50.0% and is ranked #860 out of 3647 analysts, while Katri has a success rate of 66.7% and is ranked #656.

Overall, one research analyst has assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $111.67 which is 17.6% above where the stock closed yesterday.