Patricia Knebel’s article, entitled “Fintech enables wearable personalization”, published on 12th June 2017 on “Jornal do Comércio” (Journal of Commerce), highlights paySmart® contactless personalization solution.
Full text (translated from Portuguese) below:
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Fintech enables card issuing on wearables
Users can enable their wearables instantly
paySmart, a B2B fintech B2B that works with electronic payments, has just launched a solution for issuing virtual cards on cell phones and on wearables via NFC – the technology that allows wireless data exchange, just by putting the two devices in close proximity.
The technology is a growing demand from card issuers in Brazil and abroad. It cuts personalization and delivery costs and times (delivery in Brazil is made via Sedex, a government courrier) and reduces frauds on e-commerce.
Even in big cities, cards can take more than 10 days to be delivered to clients. In small towns, this delay is event bigger. “Rather than having to wait for the mail, the client can enable her or his wearable device instantly”, explains Daniel Nunes de Oliveira, paySmart’s CEO.
The solution has three features: tokenization (that enhances security), Remote Data Prepaaration and Instant Issuance, both decisive to reduce delivery costs and times.
It is possible to personalize contactless bracelets from Visa, MasterCard, Elo, amongst, others.
The Issuing bank sends cardholder data (name, expiry date, product code etc.) to paySmart and paySmart generate keys, prepare all data according to the EMV standard and delivers it to the embedded chip that resides inside the bracelet, via the NFC inteface of the cell phone. “Beyong being amongst the first to do this via a cell phone, the solution enables using a single chip for multiple brands and multiple issuers, a truly multi-brand, multi-issuer approach”, adds the CEO.
All the complexity of protecting the transit between the Issuer and the bracelet, working with different chips from different silicon vendors and manufacturers is handled transparently by paySmart.
Due to the fact that the solution is a multi-brand, mult-issuer solution, it is being offered to all current paySmart customers , but, in fact, almost any issuer can benefit from it.
“The idea is not to replace physical cards, but to provide new payment alternatives and to generate more convenience to the user”, explains Oliveira.
