Cash is no longer king. Hong Kong based company Tappy has launched a payment module that can be integrated with most timepieces and jewellery.
In an increasingly connected word, we’re well on our way to a cashless society.
Besides the growing reliance on plastic cards to make our daily transaction, virtual or “contactless payments” are also well established in some countries. I’m thinking specifically of Apple Pay and Google Wallet.
Tappy Technologies Limited has just entered the contactless payment space, apparently launching the world’s first timepiece payment module at the 35th edition of HKTDC Hong Kong Watch & Clock Fair.
Mr. Wayne Leung, the founder and Chief Executive Officer of the company first introduced his new “payment module” and “Flexitag” at the trade show. The Flexitag is a module with a NFC antenna that can be fitted into different jewelleries or accessories, making stylish accessories wearable payment platforms.
The payment module, on the other hand, can be integrated into nearly all quartz and most mechanical watches (in the movement holder) instantly transforming a traditional timepiece into a wearable device with contactless payment capabilities.
Once the modules are inserted, setting up the system seems simple enough. To get started, users will need to photograph their credit card using the Tappy mobile app. Then, their Tappy account and wearables are synchronized. After that, users will be able to use their wearables to pay for their purchases.
For those asking the inevitable security questions, Tappy ensures us that they comply with global EMV (Europay, MasterCard, Visa) Standards, making their system safe and convenient. Funds can be pre-loaded to an account and payments can be made globally at contactess payment terminals which support Visa, MasterCard, American Express and Union Pay.
Mobile payments are just the first step for this young company. Tappy also plans to develop into an all-in-one device that will allow users to access their homes, connect to their cars, board airplaines, among many other possibilities.
With the help of Tappy and other contactless payment systems, we seem to be moving away from smartwatches to “smart life”. These technologies definitely bring a convenciance factor but they are also bound to change our behaviour and how we interact with the physical world around us.