Swedish Bank Partners With Fidesmo On Wearable Payments


"The goal is to enable customers to pay for things by simply tapping a bracelet, key ring or other wearable device on an NFC payment terminal."

Fidesmo, a Sweden-based developer of contactless transaction technologies, has entered into a new partnership with Länsförsäkringar Bank that focuses on portable payments.

The collaboration revolves around Fidesmo Pay, Fidesmo's portable payment platform, which allows Länsförsäkringar Bank to tokenize payment cards in the form of portable devices that can then be used by Länsförsäkringar customers for contactless payments. The goal is to enable customers to pay for things by simply tapping a bracelet, key ring, or other wearable device on an NFC payment terminal.

It is an approach to payments that could find market access in the years to come. Consumer survey data collected by Juniper Research found that nearly half of consumers in the US, UK and Australia would be willing to use a portable device to make a payment, and 94 percent of point of sale devices are expected to that they support contactless payments until 2024. That seems like a good sign for Fidesmo and its partners.

Länsförsäkringar Bank joins a number of financial services companies that have partnered with Fidesmo to support Fidesmo Pay, including Nordea, KBC and Marginalen Bank. The company has partnerships with Visa and Mastercard.

"We are excited to see more and more banks offering token payments to their customers, and portable payments are one of them," said Mattias Eld, CEO of Fidesmo. "We look forward to working with Länsförsäkringar to expand the Fidesmo Pay offering in the Swedish market."

The news comes after Fidesmo partnered with HID Global last year to integrate HID's Seos credential technology into Secure Element chips for portable devices.


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