Mastercard, in partnership with MatchMove, a Singapore-based ‘Banking-as-a-Service’ provider and Tappy Technologies, a wearable payment integrator, have introduced tokenisation 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 Mastercard to this payment chip by 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 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.
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.
Mastercard initially developed its relationship with Tappy through the Mastercard Accelerate initiative, a global platform which offers startups and emerging brands a range of programmes that support and provide assistance for every stage of their growth and transformation.
