Swedish contactless wearable brand Tapster has partnered Fidesmo to launch passive payment ring with Mastercard and Visa tokenisation.

The dual payment scheme support is enabled by Fidesmo’s payment service Fidesmo Pay.

Fidesmo claims to be the only token requestor providing dual payment scheme support for passive wearables.

The Tapster ring, which doesn’t require a battery or internet connection to make payments, is EMV certified for Mastercard and Visa.

It has been developed in collaboration with Fidesmo’s hardware partner ARE CON.

Tapster CEO and co-founder Tobias Ericsson said: “We see a huge potential in our ring. The ring is secure, easy to use and you can bring it everywhere you go. It is also waterproof, which is perfect for the summer.

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“Thanks to Fidesmo Pay’s support for both Mastercard and Visa, we are able to offer dual payment scheme support on the rings, which is fantastic and a great step forward.”

Fidesmo CEO Mattias Eld added: “We are proud to enable our partners to launch products that are at the forefront in the wearable payments market.

“This ring is the first passive payment ring with Mastercard and Visa tokenisation. We are delighted to collaborate with our partners Tapster and ARE CON.”

Other moves by Fidesmo

In April this year, Fidesmo expanded its footprint to Russia.

The fintech entered the Russian market in partnership with RFID technology provider ISBC, which develops contactless wearables, smart RFID Paper, virtual NFC-cards for iOS and Android devices among other things.

In March this year, the firm strengthened its European presence by launching its wearable payment service Fidesmo Pay in Switzerland.

In January, it expanded its partnership with private banking company SEB to launch Fidesmo Pay in Denmark and Finland.