In a move to further secure contactless payment, Mastercard last month introduced in Singapore tokenisation of payment chips that can be simply attached on battery-less wearables and accessories such as watchstrap and keyrings.
The company has teamed up with Singapore-based banking-as-a service provider MatchMove and wearable payment integrator Tappy Technologies to develop the innovation that turns custom wearables into secure contactless payment devices by simply attaching the small tokenised chip.
MatchMove cardholders can now add their MatchMove Mastercard to this payment chip by simply placing the wearable or the accessory on a Bluetooth-connected device developed by Tappy Technologies.
Tokenisation is the industry-leading security standard in electronic payments. Its integration into Tappy’s product is particularly important at the present moment, as consumers in Asia and across the world are migrating towards contactless payments during the pandemic to stay safe and adhere to social distancing measures. A Mastercard global 2020 study found 91% of respondents in Asia Pacific were using tap-and-go payments, while 75% said they would keep using contactless after the pandemic is over due to concerns about safety.
After downloading the Tappy app and following the in-app instructions, the MatchMove Mastercard will be tokenised via Mastercard’s Digital Enablement Service (MDES) into the secure payment chip of a wearable via the Bluetooth device. This contactless enabled wearable device works exactly like any contactless card or digital wallet where the user taps the wearable at any contactless accepted terminal.
“We are proud to introduce network tokenization to the world of wearables in partnership with MatchMove and Mastercard. The Tappy patented provisioning accessory digitalises payment credentials into wearables within seconds which is an absolute game changer to the banking industry. Embedded inside the wearable is the Mastercard-certified payment chip which operates contactlessly without batteries. Our goal is to rewrite the standards of consumer wearable by producing products that are secure, easy to use and at the same time maintaining the natural aesthetics of the fashion wearable accessories which is critical to end consumers,” said Wayne Leung, CEO, Tappy Technologies.
Mastercard initially developed its relationship with Tappy through the Mastercard Accelerate initiative, a global platform which offers start-ups and emerging brands a range of programs that support and provide assistance for every stage of their growth and transformation. The Accelerate program that connected Mastercard with Tappy is Mastercard Engage—an initiative that identifies qualified technology partners and connects them with thousands of Mastercard customers to help scale their business, quickly and efficiently.
“Mastercard is constantly innovating technologies that securely and seamlessly integrate payments into people’s day-to-day lives. By combining the versatility of Tappy and MatchMove’s technologies with tokenization, Mastercard is able to meet consumers’ need for both security and convenience at a time when contactless payments are more important than ever,” said Ben Gilbey, senior vice president for digital payments and labs, Asia Pacific at Mastercard.
Amar Abrol, chief commercial officer, MatchMove said the company’s collaboration with Mastercard and Tappy enables them to continue the process of innovation in a safe and secure manner.
“With the addition of the Tappy solutions to our banking-as-a service offering, our customers will be able to take greater control of how they make payments and how payments can fit in their lifestyles. We see this as a real opportunity to drive conversations in this space and create a new dimension of what’s possible,” he said.