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A new payments wearable is in the works. Ontario-based Everlink Payment Services announced it has completed a proof of concept market trial for DebitWear.
DebitWear is a contactless-only, debit card form factor that uses the same EMV and NFC technology currently being used for Interac Flash enabled cards. With DebitWear the “debit card” is carried in a fun, wearable, form factor – such as a wristband – and can be used wherever Interac Flash payments are accepted.
For the trial, Everlink provided participating credit unions with a silicone wristband that holds an Interac Flash enabled mini-tag containing a standard Multos ML4 chip (the same chipset found in Everlink’s dual interface cards). These mini-tags are essentially smaller versions of Everlink’s existing Interac Flash enabled debit card, utilizing the same tap-and-go technology and advanced security features.
In addition to the wristband and mini-tag combination, Everlink is testing additional form factors in order to provide financial institutions with the technology that best suits the needs of their cardholders. These include contactless-only “stickers” that can be placed on the back of a mobile phone or other device. These contactless stickers, as with the min-tag, also contain a standard Multos ML4 chip.
With DebitWear cardholders continue to have the convenience of contactless payments, with all of the security and benefits of EMV, but without the need to insert a card and enter a PIN, which increases the speed and convenience without sacrificing security. DebitWear is simply the next evolution of the debit card.
Everlink continues to work closely with its bank and credit union clients to bring innovative new payment technology to the market. In early 2014 Everlink, Interac and Credit Union Central of Canada (CUCC) completed a Mobile Interac Flash™ pilot involving executives from credit unions across Canada.
Everlink provided the pilot participants with the ability to conduct Mobile Interac Flash™ debit transactions quickly and securely at Interac Flash™ accepting merchant locations across Canada using the NFC capabilities of a smartphone running the Android operating system.
For more data on Smart Wearables access CardData®. For information and commentary on Smart Wearables visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Smart Wearables are available exclusively through CardWeb.com.®