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NFC Payment Solution Links NXP Technology With Visa, Mastercard
The technology company has joined the two finance firms to offer a single service for device manufacturers to provide contactless payment functions in their products, ranging from wristbands and jewelry to mobile devices.
Jun 15, 2018—
Global financial services companies Mastercard and Visa have teamed up with NXP Semiconductors to provide a new Near Field Communication (NFC)-enabled payment wallet service to enable original equipment manufacturers (OEMs) to more easily add mobile payment functionality to their wearable, mobile and Internet of Things (IoT) devices.
Germany luxury watch company Montblanc is the first firm to use the service in its product. Montblanc will offer the solution with its Montblanc Pay app and TWIN Smart Strap watch for payments at any contactless-compatible payment terminals. "The consumer will be able to use the TWIN in the regions where we launch Montblanc Pay right away," says Felix Obschonka, Montblanc's director for new technologies. With the partnership between NXP and credit card companies, he explains, the firms intend to enable device manufacturers of any size to provide NFC payment services in a single, easy-to-launch solution.
The partnership with Visa and Mastercard takes the solution one step further, Dachs says, "by providing a full wallet for fast, simply and inexpensive implementation." The mWallet 2GO system connects to Visa (VTS) and Mastercard tokenization platforms to tokenize users' payment cards. "With mWallet 2GO, NXP is going to market with a true end-to-end solution that includes the mobile wallet," Dachs states. "We are expanding our 2GO service from micro-based transactions to a full wallet solution."
NXP will help companies integrate the NFC hardware into their devices. The solution is pre-integrated with NXP's NFC and SE chips, Dachs reports. The companies can then use the SDK to set up the system within their own app, and link securely to Mastercard or Visa in order to enable user devices with tokenized cards. Tokenized cards are then stored within the SE of a user device.
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