STMicroelectronics (ST), Giesecke & Devrient (G&D) and FitPay have jointly developed a turnkey, certification-ready solution for wearable devices.
The firms have leveraged ST's security chip to create the first secure hardware and software solution that is pre-approved for use by device manufacturers with the aim to develop integrated tokenised payments from MasterCard or Visa.
The new technology cuts barriers arising in implementing card payments on mobile devices and enables wearable-device OEMs to concentrate on product development.
The solution will enable users to load multiple payment cards from various banks and from different payment networks onto the wearable devices, thereby making contactless payments easy, independent of the end-device's operating system.
A secure operating system from G&D, payment application management software from FitPay, and hardware components needed to support a mobile payment application.
These solutions have been incorporated and fully integrated around ST's trusted ST54E security chip that manages cryptographic processing and tamper-proofing.
FitPay CEO Michael Orlando said: "Wearable devices are transforming the payment experience, and FitPay, ST, and G&D are making it easier to develop payment-enabled wearables. This reference design from ST demonstrates a fully integrated payment solution for manufacturers."