Bamberg, the 16th of October 2019 – The Swedish technology company Fidesmo launches the wearable payment offering Fidesmo Pay in Germany together with VIMpay and Mastercard.
The wearable payment offering Fidesmo Pay enters the German market today as Fidesmo announces a collaboration with the mobile payment app VIMpay. The collaboration means that VIMpay customers can connect their digital VIMpay Mastercards to any Fidesmo compatible wearable to tap and pay.
“It is a big step for Fidesmo Pay to launch outside of the Nordics, and Germany is the natural next step. We look forward to supporting the German payment ecosystem as it transcends into contactless payments in general and wearables in particular. We believe that VIMpay is a perfect first partner”, says Mattias Eld, CEO and co-founder, Fidesmo.
“The future belongs to contactless payments. Especially paying with wearables is becoming more and more popular in Germany. With the integration of Fidesmo Pay into VIMpay we have reached another milestone on our way to a cashless future”, says Dr. Peter Schönweitz, CEO and founder of petaFuel and mastermind of VIMpay.
The payment app VIMpay has focused on mobile payment and offers users a simple and convenient way to pay worldwide with wearables or their smartphones using Mastercard. As a bank-independent solution, VIMpay can be used with any German bank account. To pay, you simply transfer money from your current account to the VIMpay account in real time.
“Mastercard always strive to offer customers the most innovative and smooth payment solutions. German consumers adapt new technology quickly and have high demands on safety and flexibility. The collaboration with Fidesmo is an important part of the Mastercard work to develop payment solutions of the future and to offer services that are both safe, easy and flexible for users. We see an increasing demand for alternatives to the traditional payment methods. Fidesmo makes it possible for a wide set of wearables that meet a diversified demand, and we are proud to launch with them”, says Arne Pache, Vice President Mastercard.
Payments made with Fidesmo-enabled wearables use a tokenization technology delivered by Mastercard Digital Enablement Service (MDES), which ensures the highest level of security. In setting up a wearable, MDES generates a digital token, a unique number different from the actual card number, assigned to each registrated device. This means it cannot be used for transaction through any other device. For consumers and retailers, every purchase made with a Mastercard through Fidesmo, entail same benefits and guarantees as a transaction made with a physical Mastercard.
Fidesmo makes it possible to connect contactless services, such as payment, public transport tickets, office/hotel and car keys, to both passive and active devices. The wearable payment offering Fidesmo Pay launched in 2019 together with several fashion brands, providing wearables with payment functionality. The Swedish technology company provides a streamlined integration process for manufacturers to add contactless services to their devices and for contactless service providers to distribute their services without any hardware overhead to many devices. Fidesmo was founded in 2013 and has its headquarters in Stockholm and R&D offices in Madrid. Read more about us at fidesmo.com.
VIMpay is a bank-independent mobile payment and banking app for daily payment needs. The product was developed by the companies petaFuel and PayCenter from Freising, Bavaria, Germany. petaFuel is an innovative and flexible payment service provider for financial business solutions, software and mobile app developement and certified credit card processor. The Mastercards provided in VIMpay are issued by PayCenter, a German e- money-institute certified by the German Federal Financial Supervisory Authority (BaFin), which provides payment services with prepaid Mastercards and online accounts. More about us at www.vimpay.de
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.