Mastercard Partners with MatchMove and Tappy to Enable Tokenization in Payments Chip for Custom WearablesDecember 9, 2020 | Singapore
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.
Customers who want to be considered for priority booking can submit their details via MatchMove Facebook page. (Limited to Singapore residents only)
About Tappy Technologies Limited
Tappy Technologies, headquartered in Toronto, Canada, is a world leading wearable payment integrator connected to banking partners and card networks with operations that span across North America, APAC and EMEA. Our digital offerings like TES (Token Enablement Services) and PLC (Pre-Loaded Credential) programs as well as our hardware white label solutions are fully trusted and certified by industry standards. Tappy Technologies’ wearable payment solutions are designed to work at any contactless point-of-sale terminal, globally. We add Payment / Access Control / Geolocation to traditional timepieces, jewelleries, and accessories by pre-provisioning secure data keys into a battery less secure element chip.
MatchMove is one of the world’s fastest growing and most disruptive fintech companies in digital payments and next-generation banking. The company’s proprietary Banking Wallet OS™ enables ‘Banking-As-A-Service’ and the capabilities of Spend.Send.Lend™ within any app.
Envisioning a financially inclusive world as it wages war on cash, MatchMove’s solutions help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime and anywhere.
MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam and the Philippines. For more information, please visit www.matchmove.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.