DIGISEQ announced a breakthrough in payment wearable technology giving consumers the functionality to turn any object of choice into a payment device with a user friendly application on their mobile. The new solution, Rapid Contactless Personalization Rcos, is available for any Android and iOS device, delivering MasterCard payment data, via secure tokenization, quickly and by just downloading the Manage Mii™ mobile App.
The pandemic has accelerated the pace of adoption of the IoT technology market and contactless applications, which is now forecasted to extend to over 41 billion devices by 2027. The Rapid Contactless Personalization technology means DIGISEQ continues to be the most disruptive player globally. The solution can be used for both prepaid and tokenized accounts.
Rapid Contactless Personalization enables consumers to pay with any object at millions of acceptance points globally. This is a game changer in the passive wearables market, breaking down the technical barrier to making payments simple and secure on any object, and will be the catalyst for scaling passive wearables for mass market adoption, reports Digiseq.
Brands, including Rosan Pay and STISS, will be brought to life with digital services as wearables are now payment ready without the need for the manufacturer retailer or card issuer to do anything beyond embedding the NFC chip into the device. Previously, the chip embedded within the wearable would need to go through the cumbersome process of being personalized by the manufacturer or at a retail kiosk before being ready to use.
Rapid Contactless Personalization puts control in the hands of the consumer as they can provision any wearable with a suitable NFC chip through the Manage Mii application, transforming it into a contactless payment device in place of a card and speeding up the process of purchasing with payments functionality. Manufacturers can now offer payment enabled items for sale from rings to watches and virtually anything at retail outlets and via online stores without any need to be involved in the payment card delivery. The development also offers untold benefits for issuers and banks; previously confined to existing payment methods (Apple Pay and Android Pay), they’re now able to maintain better relationships with their customers and their finances, and begin to distinguish themselves by delivering new and innovative experiences for the user.
Commenting on this industry first, Non-Executive Chairman of DIGISEQ, David Birch, said:
“The team behind Rapid Contactless Personalization, Terrie Smith CEO and Colin Tanner CTO, know this space intimately, having led the product development of tokenization at MasterCard in 2014 that supports solutions such as Apple Pay. They co-founded DIGISEQ to revolutionize services in the contactless wearables and smart objects space and they are delivering on that promise by building a fantastic company which they are now scaling up to deliver mass market payments for the internet of things, in the new contact-free economy.”
David continued: ‘This week Colin Tanner and I filmed a live transaction where I provisioned my own Alioth Pay ring with MasterCard using my own iPhone 12. I’m delighted that together we are making wearables a reality for the mass market.’
Terrie Smith, DIGISEQ CEO, said:
“The pandemic has disrupted many traditional payment methods, and as a result customers are looking for easier, more seamless ways to purchase goods or services. Rapid Contactless Personalization is the next step in this process, and will help brands and manufacturers place passive wearables at the heart of the payment ecosystem as the trend develops. We’re confident that the removal of obsolete, cumbersome processes will ultimately lead to greater adoption from brands, and empower customers to pay in safer, more flexible ways.”
Björn Scharfen, Head of Product Line Payment and Ticketing solutions at Infineon commented:
“While consumers are looking into new ways for payment, DIGISEQ’S Rapid Contactless Personalization™ enables just that. The secure provisioning of payment credentials into a ring, a wristband, a fitness tracker or pretty much any accessory you can imagine, becomes as easy as a tap on a smartphone. Together with Infineon’s expertise in security controller, contactless performance and scalable turn-key payment solutions, the vision of “anything can be a payment thing” is becoming reality.”