Australian fintech company Inamo and Oberthur Technologies (OT), a France-based embedded security software products and services provider, have signed an agreement to launch contactless payment wearables in the Australian market.
Under the agreement, Inamo will leverage OT’s digital payment enablement technology and launch its first multi-functional wearable solutions, known as CURL, in Australia.
CURL allows users to make payments by simply tapping their device to any point of sale terminal where Visa payWave is accepted. It is claimed to be rugged, waterproof and can perform payment transactions without using any power.
OT will provide its EMV hardware, operating system and digital security technology for the device. It plans to introduce its PEARL embedded Secure Element to next generations of the device.
In addition to contactless payments, CURL will also be available to use for payment on public transport, building access, ticketing for festivals and gym membership over the next 18 months.
OT managing director of Asia financial services institutions Mark Garvie said: “OT is very excited to partner with this home grown Australian Fintech company.
“This partnership with Inamo is going to be a key differentiator in the Australian market and will expand the reach of payments technologies and solutions to new frontiers. We are thrilled to continue to expand the portfolio of wearable devices powered with OT’s security and payments solutions.”