Tokenized payments through wearables are taken to the next level when Mastercard and Fidesmo collaborate in the Nordics.
Consumers with wearables connected to Fidesmo can now add their Mastercard to easily tap and pay.
“Connects with Fidesmo” enables the well-known tap and pay experience for consumers, without requiring a specific app on a smartphone to be opened before paying. The partnership allows consumers who prefer traditional-looking, analog wearables to include seamless and invisible technology in their devices. For Mastercard, the collaboration is an important part of the strategy for driving innovation as a front-runner in paytech. With Fidesmo as a partner, even more user-friendly and secure contactless experiences are available to customers.
“At Mastercard, we always strive to enable progressive and innovative payment technology. 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 tokenization platform,” says Mats Taraldsson, Head of Digital Business Development & Fintech Engagements at Mastercard in the Nordics and Baltics.
Fidesmo provides a certified turnkey module which allows wearable manufacturers to create Fidesmo devices without any engineering work, and to create payment devices with ease. The modules are ready to be inserted in wearables and come in different sizes and shapes. Wearable manufacturers gain access to all the banks who have signed up to the Fidesmo Pay solution. Likewise, when banks enable Fidesmo Pay, they gain access to a wide range of wearables that have passed rigorous security and quality requirements. Fidesmo are collaborating with several traditional Nordic watch brands, with the first brands launching in early March.
“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. We love to create technology that improves the lives of consumers without being seen”, says Mattias Eld, CEO and co-founder of Fidesmo.
Payments made with Fidesmo-enabled wearables use tokenization technology delivered by Mastercard Digital Enablement Service (MDES). In setting up a watch or other wearable, Mastercard generates a digital “token” that is associated with the specific device. There is a separate token assigned to each of the consumer’s devices, which means that not only is the token number different from the “real” card number, it also cannot be used for transactions through any other device. For consumers and retailers alike, every purchase made with a Mastercard using Fidesmo offers all the benefits and guarantees of a transaction with a physical Mastercard.