Singapore, 14 October 2009 - Watchdata, DBS and Visa have teamed up to produce a 3-in-1 single-chip smart card that offers consumers multiple capabilities for cashless payment.
The highly customized and flexible card uses Watchdata's leading-edge technology approved by Visa for Visa Smart Debit Credit (VSDC) and payWave. The card also supports the Singapore Standard for Contactless ePurse Application (CEPAS) that provides better convenience and flexibility for consumers in making cashless payments in and around Singapore. This card deploys the most advanced smart card security standards available, ensuring reliability and accuracy identifying each payment transaction when in close proximity with the card readers.
Convenient Lifestyle
DBS is the first bank in Singapore to introduce the 3-in-1 contactless smart card. Launched on 25 August this year, the Live Fresh by DBS Card combines Visa payment, Visa payWave and ez-link services on a single-chip smart card. Consumers, who in the past needed two or more cards for various payment options, now only need one card, which combines the benefits of a regular Visa credit card and the lifestyle privileges put together by DBS with the speed and convenience of contactless payment and transit features.
Cardholders can enjoy the speed and convenience of electronic contactless payments for different needs ranging from retail purchases in participating retail outlets to public transport payments on buses and MRT trains. The contactless payment technology allows users to pay by simply waving their card in front of a secure point-of-sale (POS) contactless reader, providing them with the convenience of shorter transaction and queue times and a quick and hassle-free retail experience.
Watchdata works closely with its partners such as Visa to ensure that payment and chip security comply with the most advanced smart card security standards available.
Dr. Jack Pan, Vice President of International Business Development and Marketing, Watchdata, said, "Watchdata's dedication and commitment to improve the performance and security of our product and services further illustrates our support for the convergence of micro and macro payment in a single card. Watchdata is proud to work with industry stakeholders such as DBS and Visa to offer merchants and consumers the security and transaction speeds that are required in today's fast paced payment lifestyle."
Looking towards the near future, Watchdata continues to find innovative ways for the convergence of different sectors that include banking, retail, transit and mobile telecom. Watchdata sees that the convergence of these sectors in different form factors, such as the mobile phone could provide consumers more choices for ubiquitous payment means.
Near Field Communication (NFC) plays an important role in bridging the gap of telecommunications and payment. With the use of NFC technology, the mobile phone has the potential of becoming a powerful payment device, helping people make fast and secure payments.
Ultimately, consumers can look forward to banking, transport, retail payment and mobile telecom services from just one smart mobile device. With businesses entering the fray over time, consumers will truly have the world at their fingertips.
About Watchdata
Watchdata is a well-established and recognized pioneer in smart card and contactless technology solutions. Watchdata offerings include SIMpassTM, digital signature and authentication solutions, embedded security access module and the award winning TimeCOS® operating system that is widely used in the fields of cashless payment, e-commerce, health and social services. Watchdata serves numerous markets including mobile telecommunication, transportation, social security, finance, identification, public utilities and e-government. Watchdata currently operates in Asia-Pacific, Europe, Latin America, Africa and the Middle East.
Media Contacts
Samuel Chua
Flame Communications
Tel: +65 6259 3193
samuel@flamecomms.com
Ivan G. Franco
Sr. Int'l Marketing Specialist
DID: +65 6572 9324
Mobile: +65 9837 0412
ivanfranco@watchdata.com.sg
