Cardtek, a leading payment technologies provider, has partnered with NXP® Semiconductors to introduce an innovative payment system for wearables, Digital Enablement Platform.
The payments industry is increasingly focused on wearables; according to a recent CCS Insight report, there will be 411 million wearables in 2020 and a transaction volume of $34.2 billion. Most recently, wearables were introduced at the Olympic Games in Rio.
Cardtek’s Digital Enablement Platform allows consumers to make safer and easier transactions in a convenient wearables solution. This includes easily on-boarding payment cards, transit tickets, access cards and any other services in wearable devices. Cardtek’s payment system infrastructure, integrating NXP PN66T and P60 wearable chips, helps issuers, wearable OEMs and other service providers enable payment and non-payment services in wearables, as well as activation and deactivation of services. Cardtek offers Mobile SDK, enabling any party to develop user interfaces to have their own mobile wallet. The solution incorporates tokenization services to securely integrate tokenized payment credentials into the wearable. Cardtek also offers Instant Issuance solutions for the personalization of P60 wearable chips with printers.
“Wearables bring many advantages to the payments industry, one of the key benefits is that issuers or service providers will have full ownership of their own wallets without being dependent on third-party providers,” said Emilian Elefteratos, Cardtek EVP sales & marketing for North America. “Built-in NFC wearables enable consumers to leave their wallet at home and make transactions simpler and safer than ever before. Cardtek is pleased to play a leading role in helping drive the rapidly emerging wearable payments market.”
“The integration of contactless secure applications in wearable devices can be a significant business opportunity for hardware and service providers,” said Charles Dach, vice president of transactions at NXP. “With NXP’s PN66T loader service feature, implementation of new services on wearables is simple and secure – opening the door for more convenience in being able to use your wearable for identification, banking, ticketing, access and more.”