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Mobile Payments

STMicroelectronics, Giesecke & Devrient and FitPay join forces

Monday 9 January 2017 | 11:12 AM CET

STMicroelectronics, Giesecke & Devrient and FitPay have joined forces to boost payment applications on wearable devices.

The companies are using STMicroelectronics' security chip to create a software product to be preapproved for use by device manufacturers aiming to develop integrated tokenized payments from MasterCard or Visa.

The companies said that this effort aims to break down well-known barriers to implementing card payments on mobile devices and to enable wearable device OEMs to concentrate on product development.

According to the companies, the product gives consumers the flexibility to load multiple payment cards from various banks and from different payment networks onto the wearable, making contactless payments independent of the end-device's operating system.

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