DigiSEq is the first to have developed this technology and gained approval from MasterCard using the M/Chip™ Advance payment application. DigiSEq’s solution securely delivers consumer payment credentials into wearables, such as watches, bracelets, and key fobs, enabling users to make contactless payments immediately after purchasing the wearable device.

The capability to include contactless payments into the consumer wearable is a natural next step in adding to the appeal of the device. The obstacle to offering payment functionality in wearable devices has been the capability to deliver payment credentials to the wearable device on the spot when customer makes the purchase. DigiSEq’s remote personalization service solves this problem and allows customers to enable payment functionality conveniently after purchasing the wearable device.

Using the DigiSEq solution, it is now possible for the consumer to choose their own device and payment account, and no longer depend upon on their bank to supply devices. DigiSEq’s remote personalization service takes payments on wearables to a whole new level across the Festivals & Events, Lifestyle and Fashion markets.

“DigiSEq provides a unique solution that bridges the wearables and payments industries and makes the provisioning of consumer devices for payment both easy for the consumer and secure.” Said Terrie Smith, CEO, DigiSEq. She added, “DigiSEq has been approved by MasterCard under their Global Vendor Certification Programme as a Trusted Service Manager with a Tier 1 datacentre for global 24/365 continuous operation and an expert team to provide End-to-End support to service providers and issuers.”

Scott Abrahams head of emerging payments and acceptance at MasterCard UK and Ireland commented: “With DigiSEq being part of the Emerging Payments Associations ‘Catalyst’ programme, of which MasterCard is a supporter and sponsor, it’s great to see the success it has achieved. MasterCard is keen to encourage this kind of innovation as wearables are an exciting part of the future of payments.”

According to CCS Insight’ global forecast, by 2018 over 250 million smart wearables will be in use, 14 times more than in 2013 and shipments of smart wearables are expected to grow from 9.7 million in 2013 to 135 million in 2018.