Mastercard, in partnership with MatchMove, a Singapore based 'Banking-as-a-Service’ provider and Tappy Technologies, a world leading wearable payment integrator, have introduced tokenization into a small, flexible chip which can be attached to a range of battery-less wearables and accessories such as watchstraps or keyrings, turning them into secure contactless payments devices.
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.
After downloading the Tappy app and following the in-app instructions, the MatchMove Mastercard® will be tokenized 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.
Tokenization 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 percent of respondents in Asia Pacific were using tap-and-go payments, while 75 percent said they would keep using contactless after the pandemic is over due to concerns about safety.
“We are proud to introduce network tokenization to the world of wearables in partnership with MatchMove and Mastercard. The Tappy patented provisioning accessory digitalizes 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.
“Our work with Mastercard and Tappy allows us to continue the process of innovation to bring about more convenience in a safe and secure manner—the core of our business and mission. 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,” said Amar Abrol, Chief Commercial Officer, MatchMove.
“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, Digital Payments and Labs, Asia Pacific, Mastercard.
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.