Select Timex Group watches will tell the time and pay the bill.
Timex is partnering with payment technology company Mastercard and token service provider Tappy Technologies to enable contactless payments. An assortment of analogue Timex watches will have Tappy contactless payment chips embedded. Through an integration with Mastercard Digital Enablement Service (MDES), the Tappy platform can tokenize payment credentials when consumers use their watch to make a purchase at any retailer that accepts Mastercard contactless payments.
Starting with timepieces, Timex Group will debut its payment-enabled range in the first half of 2020, across a variety of collections and straps. Payment-enabled watches will be sold separately on Timex.com.
Tappy and Mastercard are integrating their technology via Mastercard Accelerate platform, which offers start-ups support and assistance including market entry and global expansion. The Accelerate program that connected Mastercard with Tappy is Mastercard Engage, an initiative that identifies qualified technology partners and connects them with Mastercard customers to help scale their business.
“For 165 years, we have created quality timepieces that our consumers love, delivering on fashion, variety and accessibility,” said Shawn Lawson Cummings, senior VP, advanced technology, Timex Group. “Now, thanks to our partnership with Tappy, we can offer convenient payment-enabled timepieces that will transform our relationship with our consumers, offering them even greater functionality that keeps up with how they interact with the world around them."
“The innovation Tappy offers, fueled by Mastercard’s payments and secure tokenization technology, is a great example of how the power of partnerships is expanding the fintech landscape,” said Ben Gilbey, senior VP, digital payments and labs, Asia Pacific, Mastercard. “Mastercard’s exciting journey in the wearables space is a testament to our commitment to driving contactless payments. Through the Mastercard Accelerate platform, we offer a range of solutions to help fintechs rise to the next level and scale their business more rapidly through access to powerful resources, tools and insights.”