ECONOMY

Greek startup’s pay wearables hit Scandinavia

greek-startup-amp-8217-s-pay-wearables-hit-scandinavia

The coronavirus has increased contactless transactions and accelerated the penetration of wearable devices that allow for payments without the need for cards or other appliances. Greek startup Neos Beyond Payments has joined this market with its bracelets, which are about to hit the markets of Sweden, Denmark and Norway, countries where cash is hardly ever used anymore.

The use of passive wearables, such as those produced and sold by Neos, is flourishing in Europe, with transactions conducted through them growing eightfold in just one year.

The Greek startup has struck a cooperation agreement with Swedish technology firm Fidesmo that allows device owners to connect their cards with their bracelets and make payments using the latter.

“By wearing a Neos bracelet, consumers can make payments via any card terminal for contactless transactions by just moving their wrist,” says Panayiotis Markidis, one of the founders of Neos.

“Surveys show that certain consumers fear using their smartphones to make payments, either for practical reasons or due to security concerns. In contrast, our technology needs no charging and operates independently, without users needing to have their cellphone or wallet with them,” Markidis explains. “In case the bracelet is lost, users can cancel the connection of their cards with the bracelet via their smartphone, without needing to cancel their cards,” he adds.

Besides the Scandinavian countries, the Greek company is also active in the German market and intends to enter the British and other European markets. However, for the Neos device to be used, tokenization technology needs to penetrate the banking market further, especially in Greece, as this technology represents an indispensable part of Neos’ bracelets, protecting consumers’ card data during transactions.

Markidis notes the product has been approved for use by Mastercard, while Neos has created two collections: the stylish Cocoon collection, with plastic resin and silver side parts, and the sportier-looking Polygon collection, produced from recycled biodegradable plastic. Prices range from 45 to 100 euros and the bracelets are available at the company’s e-shop.