Fidesmo partners with Wearonize to set new standard for contactless payments

Stockholm-based contactless payment platform provider Fidesmo and Swiss payment service provider Wearonize have partnered to establish a new contactless payment standard for issuers and wearable manufacturers.

Fidesmo CEO Mattias Eld said that the partnership with Wearonize allows the company to merge its expertise in payment tokenization with Wearonize’s technology and wearable network.

“We are excited to join forces with Wearonize,” Eld said. “Together, we aim to redefine the contactless payment landscape and provide a more scalable and efficient solution for all stakeholders.”

Wearonize, established in 2019, has provided payment services for customers like SwatchPay!, LAKS Pay and Live Nation. It integrates brand-specific debit and credit cards, wearables, mobile apps, loyalty and sponsorship programs.

Commenting on the new partnership, Wearonize CEO Thorsten Roeske said that collaborating with Fidesmo presents a “fantastic opportunity” to advance the company’s mission of offering consumers the utmost flexibility in payment options.

Roeske also said that SwatchPAY! customers will also benefit from Fidesmo’s platform since it opens up possibilities for additional applications like “ticketing, physical access and more”.

Introduced in 2019 in collaboration with various fashion brands, Fidesmo Pay revolutionised wearables by incorporating payment capabilities. This service employs tokenisation and integrates with both Visa and Mastercard.

Users can tap their wearables on any contactless terminal, similar to using a card or phone. Other than watches, Fidesmo Pay also supports wearables like rings, bracelets, and keyrings.

Fidesmo has established partnerships with various other brands, including Mondaine Watches, Tapster, Cnick Rings, Triwa, Pagopace, NEOS, K-Pay and more.

In June, Fidesmo announced that it collaborated with Flywallet. They aim to create an ecosystem that combines various services, such as contactless payments, personal health monitoring, insurers, transport ticketing and access control, into a single platform.

Serving as the key to the Flywallet platform is Keyble, a biometric wearable that has received the Good Design Award. Keyble requires the user to tap the fingerprint biometric sensor for activation at digital touchpoints. If the user’s fingerprint isn’t recognized, the wearable remains inactive.

Flywallet founder Lorenzo Frollini said Keyble also provides biometric continuous authentication through “the verification of the heartprint based on the ECG and liveness wearing detection.” Users can activate the hands-free payment feature with a simple action, like a wrist shake, without touching the fingerprint sensor.

Techarenan News/Monok

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