The system, which turns the watch band into a credit card or debit card, provides wearers with a battery-free, contactless payment solution. Also, the finger-scanning mobile payments system eliminates the need for a smartwatch to facilitate the transaction, meaning that a payment does not have to pass through Apple Pay, but a bank could provide its customers with a wearable accessory, such as a bracelet or a basic watch, which is equipped with its payment chip. As such, each transaction is finger authenticated, and the bank can keep most of the fees without Apple, or Google taking a cut.
In addition, the finger-scanning mobile payments system also includes an NFC transmitter. The Hong Kong-based company’s payment solution is capable of multi-card customisation through a mobile application, and does not require a battery.
Also, Tappy has secured payment partnerships with People’s Bank of China, Barclay’s in UK, and two banks in India. They also have experience providing solutions to Guess, Timex, and Suunto, among others.
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