Swedish tech company Fidesmo has struck a partnership with payments giant Visa to enable more banks to offer its wearable payment service Fidesmo Pay.
Under this partnership, Fidesmo will integrate with Visa’s tokenisation platform VTS.
This integration opens up for any bank that issues Visa payment cards to activate Fidesmo Pay.
By activating this payment service, customers will be able to link a Visa payment card token into several wearable payment devices.
This includes bracelets, keyrings or watchstraps, among others.
These devices can be used to make contactless payments on payment terminals that accept Visa.
In terms of benefits and security, paying with wearable devices offers similar features as a physical Visa card.
Wearables devices offering Fidesmo Pay is sold at several European fashion brands online or in-store.
Visa Nordics and Baltics head of fintech Helene Nilsson said: “Visa is the world’s leader in digital payments – and partnering with Fidesmo is a perfect example of how we can use our global reach and know-how to bring great technology to life at a broader scale.
“Wearables improve the shopping experience for customers and we are proud to continue our support in developing this technique.”
Fidesmo CEO Mattias Eld said: “Integrating Visa’s tokenisation service is a very important milestone for Fidesmo and our ongoing expansion.
“The collaboration helps us reach a whole new group of cardholders at a large scale, as it opens the opportunity for any bank issuing Visa payment cards to activate Fidesmo Pay.”
Recently, Fidesmo expanded its partnership with SEB to launch Fidesmo Pay in Denmark and Finland.