Recently, payment solutions provider Cardtek announced that it has teamed up with NXP to launch a mobile payment solution based on wearable hardware. It is reported that Cardtek has introduced NXP PN66T and P60 chips in this solution. Manufacturers can directly use Cardtek's basic solutions to realize payment applications in different industries, such as transportation industry, employee cards, wearable access control and so on.
Cardtek provides a mobile SDK, and developers can develop a user interface according to their needs, which means they have their own digital wallet. The payment scheme uses tokenization techniques. In addition, Cardtek offers customized services for the solution.
According to the mobile payment network, Cardtek was founded in 2001 and is known for providing innovative end-to-end payment solutions. Its customers include financial, telecom operators, retailers, terminals and card vendors. According to the latest wearable market analysis report released by market analysis company CCS Insight, shipments of wearable devices will total 441 million units by 2020. The wearable payment transaction volume will also rise, and Cardtek said that the wearable device transaction volume is expected to exceed $34.2 billion.
At present, the most famous wearable payment solutions include Apple Watch's Apple Pay and Samsung Gear S3's Samsung Pay, and Cardtek's wearable payment solution gives more small and medium-sized manufacturers room to expand in this respect.
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