Meet Mastercard Inc (NYSE:MA) In Your Refrigerator

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Mastercard Inc (NYSE:MA) is vying for space in your refrigerator, but not a physical one. The company has come up with an app that allows people to replenish their grocery supplies by simply placing orders from a display screen on their fridge. The app will initially work with the Family Hub refrigerator from Samsung Electronics Co Ltd (KRX:005935)(OTCMKTS:SSNLF). Mastercard also intends to recommend to users the items they may want to buy for their kitchen based on their purchase history.

Mastercard Inc (NYSE:MA)’s refrigerator ordering app is expected to simplify the process of restocking kitchen supplies. According to Mastercard, its refrigerator app allows users to add shop online in the same fashion they already do on mobile. From the screen of the Internet connected Samsung fridge, you can add items to a chart to order grocery supplies for your kitchen.

The app is designed in such a way that it eliminates mistake ordering. For example, the app prompts you to confirm your final list before you place the order and you do that by entering a four-digit code. You will be required to feed your payments card details into the app the first time you use it order from the refrigerator.

Mastercard Inc (NYSE:MA) says you can have your orders placed through the refrigerator delivered by ShopRite or FreshDirect.

Keeping the kitchen stocked

Perhaps with Mastercard’s refrigerator app, people can avoid the problem of running out of an important supply at a crucial moment. That is because if you walk to the fridge and notice that only a few units of a certain item are remaining, you can instantly order more supplies of the item before you forget.

Tapping into the power of the Internet

As for Mastercard, a refrigerator ordering app is another opportunity to tap into the Internet of Things for more growth. It is also a great move considering that people are increasingly avoiding carry plastic cards to make purchases. Instead, they use their mobile devices to pay of items in-store or in-app. It had been feared that Mastercard and similar legacy payments card providers were at the risk of losing business to mobile wallets, but Mastercard can be seen taking advantage of what was to become an obstacle.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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