This collaboration marks Fidesmo Pay as the first tokenization platform for passive wearables to implement Mastercard's MDES Token Connect, improving security and convenience in digital payments. Mastercard's Token Connect (MDES Token Connect) provides a secure environment for card issuers, allowing them to offer customers a seamless and secure method for digital payments across different platforms. By tokenizing card information, the technology protects sensitive cardholder data and reduces the risk of fraud.
In the official press release, representatives from Fidesmo expressed the company's commitment to simplifying access to secure contactless services, emphasising the strategic development with MDES Token Connect as a step forward in achieving this vision. The integration differentiates Fidesmo by offering improved adaptability and security, positioning the company to facilitate issuers in adapting to the evolving digital landscape.
VIMpay, a German Neobank, is announced as the first issuer partner for this integration. The collaboration with VIMpay allows its customers to benefit from tokenized digital payments.
Fidesmo's integration of MDES Token Connect aligns with its mission to advance contactless transactions, providing an additional layer of security while supporting the convenience of digital payments. The press release further details that the feature will be implemented across Fidesmo's network, facilitating the adoption of new tokenization technology by issuers such as VIMpay.
The partnership between Fidesmo, Mastercard, and VIMpay aims to advance the evolution of secure, efficient, and convenient digital payment systems. Fidesmo anticipates expanding its services as more issuers join, gaining more ground in the contactless payment landscape by offering security and convenience on a global scale.
In July 2023, Fidesmo joined forces with payment service provider wearonize to support contactless payments. This collaboration leveraged the strengths of both companies to create a unified, scalable solution for contactless payments. The companies aimed to improve the user experience while also providing a more efficient and cost-effective solution for issuers and wearable manufacturers. In essence, the partnership scaled the reach of the wearable brands connected to both Fidesmo and wearonize.
At the time, Fidesmo representatives talked about the way the partnership allowed them to combine their expertise in payment tokenization with wearonize's proficiency in technology and wearable network. Together, the two companies aimed to alter the contactless payment landscape for the better and provide a more scalable and efficient solution for all stakeholders.
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