Tappy Technologies (Tappy Tech or "Tappy"), the Hong Kong-based wearable and digital payments solution provider, has launched a partnership with Timex Group, in a move set to shake-up the traditional watch industry. Tappy, the first licensed Wearable Token Service Provider of its kind, will offer a unifying platform for digital and mobile payments to traditional watch brands enabling them to turn their products into cutting-edge mobile payment carriers. The partnership was unveiled at MWC Barcelona during the Tappy Product Launch Event.
Tappy Tech's token payment solutions can effectively turn any watch into a secured credit or debit card, giving users more choices to pay. Its battery-less chip can be placed in virtually any watch strap and be tokenized using Tappy's Universal Passive Provisioning Unit (UPPU), allowing traditional watch brands to enter the thriving mobile payment market currently dominated by new generation digital devices.
Wayne Leung, CEO Tappy Tech, said, "We are proud to launch our Wearable Token Services Platform in partnership with Timex Group on the two major card schemes Visa & Mastercard. I am confident that Tappy's Tokenization platform, as well as our patented authentication and provisioning solutions, are a game-changer for the traditional watch industry. Highly sophisticated algorithms ensure that our solution operates flawlessly without batteries and that any products that incorporate our technology can be aesthetically pleasing, which is important to our watch partners."
This new product will allow brands to combine the worlds of fashion and technology to provide consumers with quick, easy and convenient ways of making secure payments, enabling a future where everyday wearables could eventually replace the credit card.
Brian Pemberton, Group VP Advance Products, Timex Group, said, "Timex Group has always been at the forefront of technological innovation in the area of wrist-worn devices; Tappy's tokenization solution enables us to sell our payment-enabled devices globally. The highlight of the new solution is Tappy's UPPU which enables non-chargeable devices like traditional timepieces to be tokenized."
(With inputs from agencies.)