GlobalPlatform has published a new implementation guide for updating the configuration of banking smart cards.

The Financial Configuration 1.0 is intended to enable the deployment of secure elements (SEs) in contactless-enabled wearables such as rings and wristbands.

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Chip and device makers, banks as well as app developers can use the guide to launch wearables having facility for remote update.

Additionally, it can be used to manage different applications, including payment, access control and transport ticketing.

GlobalPlatform technical director Gil Bernabeu said: “Contactless payment cards have made us familiar with tap & go, and smartphones have made the convenience of multi-function devices desirable.

“Wearables such as smart rings and smart wristbands are bridging the gap between simple cards and feature-rich smartphones by enabling consumers to pay, unlock and travel with a tap.

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“This new configuration standardises all of this, saving implementers time and money, increasing revenue opportunities and enriching the experience for consumers.”

The new financial configuration outlines the minimum implementation requirements of the GlobalPlatform Card Specification for a variety of financial products.

This is said to make development and deployment easy by enabling identification of exact specifications required for the particular project.

“More broadly, with the Financial Configuration, device makers embedding SEs now have a consistent approach, regardless of whether they are launching a payment card, a contactless wearable or a feature-rich smartphone. This gives the financial community a single point of reference to protect all of their devices and services,” Bernabeu added.