Mastercard and WeWork Test the Future of Work and Commerce

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Mastercard is leveraging its IoT solutions for shared spaces to create smart environments in locations with multiple occupants or users including co-working spaces, apartment and office buildings, college campuses, fitness clubs and vacation rentals.

Now Mastercard is partnering with WeWork to see if its office space/sharing model can benefit from the global payments giant’s technology—and vice versa—and much more.

Confirming earlier reports, the two companies are inviting startups to apply to their co-branded digitally connected environment at WeWork’s Enterprise Innovation Lab; in San Francisco. The state of the art hub incorporates Internet of Things, data analytics, digital payments and other technologies from Mastercard for “a seamless and fully digitized experience for WeWork members.”

One of these capabilities will be metered payments for desk usage, charging WeWork members only for the amount of time they actually use the desk. And in the on-premises “Honesty Market,” WeWork members will be able to purchase any item via Mastercard’s contactless technology, creating a seamless experience without having to physically pay with a card.

“The vision is to create a work environment that can be personalized and where access to facilities, equipment and supplies is seamless without sacrificing security,” Sherri Haymond, vice president of digital partnerships for Mastercard, said in a press release.

“We partnered with WeWork because it shares our vision, and its shared spaces enable us to gain real-time insights into the effectiveness of the products and to understand just how people are interacting with the technologies.” (Cisco and AVA retail are also involved.)

Shiva Rajaraman, Chief Product Officer of WeWork, added, “As WeWork grows its global network, we believe that technology is a powerful tool we can use to create more meaningful and efficient experiences. With Mastercard, we’ve introduced new service capabilities that can improve our members’ daily lives and allow for greater flexibility within individual WeWork spaces and throughout our global platform. We’re thrilled to test these new product offerings with members of the community that are dedicated to the future of commerce.”

“WeWork and Mastercard will engage with the greater tech community to share ideas and collaborate across diverse sets of emerging technology areas, like the Internet of Things (IoT), blockchain, artificial intelligence and related technologies,” WeWork elaborated in a blog post. “That means we’re inviting creators from all over to join in our innovation efforts at WeWork Labs and work with Mastercard to redesign how we live, work and play.”

Both brands are using the partnership to expand their own limits beyond ‘payments’ and ‘workspaces’ — “Mastercard and WeWork are focused on creating a connected global community. It’s no secret that the nature of the way we live, work and interact with each other is changing. Nearly all aspects of life are made easier through smart devices, enabling flexible lifestyle all around. WeWork’s mission is to help create a world where people work to make a life, not just a living, which means we promote flexibility and technologies that can help us achieve our goals. We are constantly striving to support our members with the tools and resources they need to create their life’s work. The Enterprise Innovation Lab is yet another example of our commitment.”

To participate, innovators and companies must complete an application form.

“WeWork, with Mastercard’s support, will host selected applicants at the Enterprise Innovation Lab free of charge for five months. Companies that are selected will also get access to mentorship opportunities and numerous benefits from the WeWork network to develop their own projects. They’ll have the opportunity to collaborate with Mastercard in the digital space. And those in the space will also have the opportunity to directly use innovative IoT technologies that Mastercard and WeWork will be jointly testing at the Innovation Lab with other leading tech players.”

The bigger picture inspiration for the partnership: “WeWork and Mastercard believe that the future of business and technology is one where many come together to collaborate. By having diverse perspectives and different strengths, we can create an ecosystem of open innovation that meaningfully impacts the future. We want to connect our communities with meaningful opportunities so that we can be better together and create the future together.”