Mastercard partners with MatchMove and Tappy
By Edil Corneille
Global payments technology company Mastercard, in partnership with MatchMove, a ‘Banking-as-a-Service’ provider based in Singapore and Tappy Technologies, a 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 placing the wearable or the accessory on a Bluetooth-connected device developed by Tappy Technologies.
After downloading the Tappy app, 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 like any contactless card or digital wallet where the user taps the wearable at any contactless accepted terminal.
Tokenization is a 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 per cent of respondents in the Asia Pacific were using tap-and-go payments, while 75 per cent 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.
IBSi Daily News Analysis
September 28, 2023
What CBDCs mean for private sector banks and financial inclusionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage