At MWC 2017 Giesecke & Devrient presents its comprehensive wearable solutions offering for banks, mobile operators and OEMs
Munich (Germany), February 24, 2017 - G&D has established itself as one of the leading enablers of sophisticated functionality on wearable devices. Its wearable solutions conquer market challenges with a comprehensive approach that allow industry players to optimize cost and scale according to their needs and significantly reduce time to market. The already realized products based on the G&D wearable solutions range from simple wristbands for contactless payments through fitness trackers to credential deployment platforms to enable smart watches and 3rd party health or lifestyle products.
The market for wearables is growing rapidly and therefore shaping the consumer domain. International Data Corporation (IDC), reports that the worldwide wearable device market will reach a total of 215 million units shipped in 2019. In addition, the volume of transactions handled by wearables will grow from 3.1 billion $ in 2016 to 501 billion $ in 2021 (Source: Tractica).
G&D’s offering capitalizes on its extensive experience in payment security, eSIM management and secure credential management to eliminate expensive and complex challenges of integration and deployment. The comprehensive end-to-end solution includes devices, services and platforms for different verticals. G&D partners with other industry leaders and OEMs to enable fully integrated and market-ready use cases. Typical applications include contactless payments, secure authentication, credential management and value add services such as ticketing, sporting events, logical and physical access, and enabling of a cash free community.
“Wearables are transforming consumers journey, seeing rapid growth as they put simplicity and convenience in the connected society”, said Carsten Ahrens, Group Senior Vice President Global Marketing and Sales, Mobile Security at G&D. “To support this trend, secure transaction and data need to be ensured. We have more than 50 customers across verticals around the globe and an extensive portfolio of financial, mobile security solutions and services. Our wearable platform allows our customers to provide contactless and convenience services in a secure, cost effective and simple way and scale them more quickly."
G&D has a proven track record in supporting the development of smart hardware, especially wearables with its security expertise. In wearables, such as watches, fitness/wellness trackers, or accessories, payment functions are set to be integrated as a standard feature, and it is expected that this trend will expand to other devices. As security is paramount for payment applications, the protection of data and privacy is a must.
The seamless connection between the smart wearable and the consumer’s mobile phone enables consumers to open and check their bank accounts, transfer money and conduct other account management services completely over the air (OTA). Further, several smart wearables may in future be shipped with embedded SIMs which can be activated from a smartphone allowing autonomous connectivity. Key advantages of the G&D functionality implementation support for wearables are the seamless integration, secure transactions and data and compliance to standards like EMVCo, MasterCard or VISA.
At Mobile World Congress 2017 G&D (hall 7, stand 7A41) will showcase a selection of innovative wearables from live customer projects, centered on G&D´s one-stop shop solution which enables payment & security with simplification and secure consumer usage in the connected society.
About Giesecke & Devrient
Giesecke & Devrient (G&D) is a leading international technology provider headquartered in Munich, Germany. Founded in 1852, the Group has a workforce of ca. 11,400 employees and generated sales of approximately EUR 2 billion in the 2015 fiscal year. 58 subsidiaries and joint ventures in 31 countries ensure customer proximity worldwide.
G&D develops, produces, and distributes products and solutions in the payment, secure communication, and identity management sectors. G&D is a technology leader in these markets and holds a strong competitive position. The Group’s customer base mainly comprises central and commercial banks, mobile network operators, business enterprises, governments, and public authorities.
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Christoph LangHead of Global Communications Spokesman
Phone: +49 89 4119-2164