Fidesmo has signed a partnership to enable consumers having Fidesmo-enabled wearables tap and pay by adding their Mastercard.
Through ‘Connects with Fidesmo’, consumers can tap and pay without opening a specific app on a smartphone.
With the alliance, consumers seeking analog wearables can incorporate invisible technology in their devices.
Wearable manufacturers will be able to create Fidesmo devices without any engineering work leveraging the vendor’s turnkey module.
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The modules are available in various sizes and ready to be inserted in wearables.
Fidesmo CEO and co-founder Mattias Eld said: “The Fidesmo platform is unique in how easily wearable manufacturers can create a payment device.
“Our solution allows consumers to have the same experience as a contactless card placed in the strap of a traditional wristwatch.”
Fidesmo-enabled wearables will be tokenised through Mastercard Digital Enablement Service (MDES).
While setting up a wearable, Mastercard provides a digital token associated with the particular device.
This is to ensure that the token number is not used for payments through other devices and thus make transactions secure.
Mastercard head of digital business development and fintech engagements in the Nordics and Baltics Mats Taraldsson said: “Partnerships with strong industry players are a key part of our strategy to develop the solutions of the future.
“Our collaboration with Fidesmo allows us to take an innovative approach to contactless payments by enabling passive wearables through our tokenisation platform.”