Ned Bank
Nedbank has become the first bank in South Africa to adopt Fidesmo’s tokenisation technology, enabling contactless payments through wearable devices. This partnership marks a significant advancement in the country’s digital payment landscape, offering consumers a secure and convenient alternative to traditional payment methods.
Who Is Fidesmo?
Fidesmo is a Swedish technology company specializing in secure contactless services. Founded in 2013, Fidesmo has developed a platform that allows for the seamless integration of various services, such as payments, access control, and transportation tickets, into wearable devices. By collaborating with banks, wearable manufacturers, and service providers, Fidesmo aims to simplify the user experience while maintaining high-security standards.
Partnership with Money Carer
Fidesmo has partnered with Money Carer, a UK-based organization that provides financial support services to vulnerable individuals. Through this collaboration, Fidesmo’s technology enables Money Carer’s clients to make secure contactless payments using wearable devices, promoting financial inclusion and independence for those who may face challenges with traditional banking methods.
Security of Fidesmo’s Payment Transactions
Security is a cornerstone of Fidesmo’s platform. When a payment card is connected to a wearable device via Fidesmo Pay, the actual card number is not stored on the device. Instead, a unique token representing the card is used for transactions. This tokenization process ensures that sensitive card information is never exposed during payments, significantly reducing the risk of fraud. Additionally, Fidesmo’s system complies with industry standards set by major payment networks, providing users with a secure and reliable payment experience.Fidesmo
By integrating Fidesmo’s technology, Nedbank is at the forefront of innovative banking solutions in South Africa, offering customers a modern, secure, and convenient way to manage their finances through wearable devices.