Mumbai, Maharashtra, India (NewsVoir)
Tappy Technologies, a trailblazer in digital payment innovations, has launched India's pioneering tokenization solution for wearable payments, developed in partnership with IndusInd Bank and Thales. This collaborative effort has resulted in the creation of the Indus PayWear App, offering customers of IndusInd Bank a seamless method to digitize their cards through the application. Once tokenized, these cards can be provisioned into form factors such as Rings, Watch Clasps, and Stickers to enable contactless payments.
This launch will enable IndusInd Bank to empower its customers with a state-of-the-art platform that redefines the way financial interactions take place. This advancement not only modernizes the approach to payments but also sets new standards for user-centric solutions, enhancing convenience, security, and adaptability. The integration of tokenization into Indus PayWear devices, powered by Thales Secure Element Chip, represents a paradigm shift in the customer experience, affording greater flexibility and ease in conducting contactless transactions.
“This partnership between Tappy Technologies, IndusInd Bank and Thales aims to revolutionize wearable payments in India. By leveraging Tappy's Tokenization solution, customers can now easily convert their physical cards into digital form through the Indus PayWear App. This move not only enhances security but also provides a more convenient payment experience for users,” says Suboor Ahmed, Chief Operating Officer at Tappy Technologies.
Prashanth Dappula, Chief Product Officer, Tappy Technologies stated, "For this product we have followed all requisite guidelines of RBI to keep your card information safe. We keep information security at the center and goes beyond just using your phone for payments. Now, with our smart technology, we've made your physical accessories like rings and stickers more secure than your card. We make sure that the long card numbers are kept secret, and a super-strong protective layer keeps your real card details safe inside your accessories. So, when you use your Indus PayWear Rings, Clasps, or Stickers for easy and safe payments, you can trust that your information is super secure."
Mr. Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said, “We are delighted to extend our vision for digital innovation with the launch of India’s first tokenizable solution for wearable payments through an innovative Indus PayWear app. We are glad to standby our commitment of providing cutting-edge digital finance solutions that prioritize security and convenience, catering to the evolving needs of our customers. With this groundbreaking advancement, we are not just enhancing the way transactions occur, but also setting new benchmarks in user-centric financial services in India.”
Ashish Saraf, Vice President & Country Director, Thales, commented, “We are proud to see Thales' technology facilitating innovation for IndusInd Bank' customers, offering them smooth and secure ‘tap and go’ transaction experiences. This association with IndusInd Bank and Tappy Technologies signifies a remarkable milestone in the realm of innovative payments in the country. We look forward to continuing enabling convenience and security for wearables contactless payments market in India.”
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