Watchdata, a provider of smart card and contactless technology solutions, DBS, a Singapore-based bank, and Visa have teamed up to produce a 3-in-1 single-chip smart card that offers consumers multiple capabilities for cashless payment.
Reportedly, the customized card uses Watchdata’s 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 convenience and flexibility for consumers in making cashless payments in and around Singapore. Watchdata has said that this card deploys smart card security standards, ensuring reliability and accuracy identifying each payment transaction when in close proximity with the card readers.
According to Watchdata, the cardholders can enjoy the 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 point-of-sale (POS) contactless reader.
Jack Pan, vice president of international business development and marketing, Watchdata, said: “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.”
