Russian startup CardsMobile and its U.K. partner TEDIPAY have unveiled their joint product Wildcard, a platform that allows users to make contactless payments via a wearable device such as a smart watch, bracelet or ring.
Using the Wildcard platform on the wearable device of their choice, people will be able to use MasterCard contactless technology to pay for goods and services ranging from public transport and petrol to their supermarket shopping. With its multi-layer biometric security procedures such as a fingerprint sensor, its creators say it is the world’s first secure platform for wearables.
A watch fitted with the Wildcard platform is demonstrated at MWC in Barcelona. Photo: CardsMobile-TEDIPAY.
Wildcard, which was presented at the Mobile World Congress in Barcelona this week, combines CardsMobile’s Trusted Service Manager (TSM) server platform with TEDIPAY’s device for wearable gadgets, the companies said in a joint press release. The device and various payment cards and systems loaded onto it can be managed via a smartphone: TEDIPAY’s device features Bluetooth Low Energy for integration with any smartphone.
“The powerful combination of TEDIPAY and CardsMobile’s platforms is a big step forward for the mass adoption of secure applications on wearable devices,” said Kirill Gorynya, CEO of CardsMobile.
“Combined with an API-based TSM service by CardsMobile, this secure wearable platform opens up numerous possibilities for any company wanting to use wearables for all types of payment and identification services,” he said.
The new platform can also be added as an overlay to an ordinary mechanical watch. CardsMobile and TEDIPAY say once it is launched commercially, the product will be sold at a price affordable for mass consumers.
“Never before could wearables be implemented in such a secure and accessible way, placing mass market functionality within easy reach of millions of users,” said TEDIPAY CEO Alexander Peschkoff.
The St. Petersburg-based CardsMobile, a resident of the Skolkovo Foundation’s IT cluster, announced its partnership with TEDIPAY in November last year. The companies said they would invest $9 million in creating and launching a secure contactless payment platform for wearables.
Skolkovo vice president and IT cluster head Igor Bogachev said the companies’ cooperation was a significant boost to the presence of Skolkovo technology on the international market.
“Each new success of a Russian IT company on the global market confirms the potential of Skolkovo Foundation residents, adds to the reputation of Russian developers and entrepreneurs and inspires hope and confidence in the hundreds of residents of Skolkovo’s IT cluster who are currently creating their own product or testing it on the local market,” said Bogachev.
“CardsMobile is an ambitious company and excellent success story that really sets an example for others,” he added.