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Fintech

NFC contactless payment with ISBC Key is available to owners of Mastercard payment cards in Europe, Russia, and CIS countries

MasterCard, a Russian manufacturer of contactless payment wearables ISBC and the European developer of tokenization services Fidesmo, launched a joint project, a contactless ISBC Key fob.
ISBC Key could be used worldwide and is available today in 30 countries of Western and Eastern Europe, Russia, and CIS countries for the owners of bank cards of 18 European and Russian banks within the Mastercard system.
The project implementation allowed the partner banks to issue the bank cards without any expenses in card manufacturing and distributing to their clients with a new comfortable and secure accessory to pay for any goods and services.

Mastercard: a leading company on the market of banking products and services

Mastercard is the leading international payment system and a global player in the banking products and services market. Founded over 50 years ago, the company still improves payment processes around the world.
Due to the partnership with Fidesmo, financial companies offering banking products and services can turn various devices into NFC contactless payment accessories.

Fidesmo: developer of virtual bank card tokenization platform

Fidesmo is a Swedish technology company, which provides a universal platform for tokenization. The company created Fidesmo Pay, a service that enables tokenization of virtual bank cards on certified wearables that contain a security element. Thanks to the partnership with Fidesmo, financial companies offering banking products and services can turn various devices into NFC contactless payment accessories.
The challenge: Providing bank clients with the opportunity to link their payment card to the convenient accessory
Development of bank products and services sphere has made payments for goods and services simple, convenient and safe. However, there are some unsolved problems in this sphere. Most electronic payments, including contactless NFC payments, are made with a "regular" card or a smartphone. This has limitations for the clients of banks: card can easily be forgotten along with the wallet, and the smartphone can run out of power at the most inconvenient moment.

The ISBC had a task: to give users of payment services the freedom to choose a comfortable device for each person to make electronic payments with. For this purpose, it was necessary to think up a simple way of tokenization of virtual bank cards with a convenient form factor. As a result, the company passed EMVCo certification for ISBC Key to create contactless wearable payment devices ISBC Pay, which has several advantages over other methods of payment by bank card and does not require banks to incur the cost of issuing bank cards.

Opportunity for banks: to increase the issuance of bank cards without investing in physical card and infrastructure

Financial institutions are investing heavily in the production, personalization, and distribution of bank card payment methods. Manufacturing physical media, logistics, and building and maintaining the necessary infrastructure account for a significant portion of costs.

Virtual bank card tokenization project allows banks to reduce costs of ownership for payment devices and expand the list of banking products and services. The client buys the key fob ISBC Pay in the online store and can link his payment card to modern accessories on his own.

Thanks to Fidesmo TSP and Mastercard's launch of the MDES virtual bank card tokenization platform, the process has become as simple as issuing cards to Apple Wallet or Google Pay.

It includes two steps:

1
The user chooses a payment key fob of a suitable design in the online store and specifies the card details in the order.
2
Then he/she activates the payment wearables on the Fidesmo website or via an Android or iOS app. Immediately after that, he can pay for goods and services with the ISBC Pay key fob.
In this way, it is possible to tokenize a virtual Mastercard bank card by linking it to several keyfobs that can be used by the cardholder. Banks participating in the project get an opportunity to quickly increase the number of clients making PayPass payments without having to issue additional bank cards.

Opportunity for users: freedom to choose their style of convenient and secure payment wearables

ISBC Pay key fobs have many advantages over a "regular" card or smartphone payment:
It's easy to forget the card at home. Leaving the key fob with the keys is much more difficult
The ISBC Key has no battery and does not need recharging like smartphones
The key fob surface doesn't have the owner's personal data, which means that nobody can copy them
Due to Fidesmo and Mastercard infrastructure payment function can be suspended without restricting access to the bank account and unblocked later manually by the cardholder
ISBC Pay fobs are durable, resistant to water and high or low temperatures
Key fob can be branded and released in collaboration with a sports clubs, artists, brands, musicians, etc
ISBC Pay key fobs are available as a method of payment by bank card in Western and Eastern Europe, Russia and the CIS for more than 60 million users of banking products and services of Mastercard and Visa.
Let us voice the advantages of using RFID key fob ISBC Key for your project

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