STMicroelectronics, Giesecke & Devrient and FitPay have joined forces to "overcome traditional barriers to OEMs implementing payment applications on wearable devices," according to a press release.

The companies are using STMicroelectronics' security chip to create what they're calling the first secure hardware and software product to be preapproved for use by device manufacturers aiming to develop integrated tokenized payments from MasterCard or Visa, the release said.

The companies said that this effort is intended to break down well-known barriers to implementing card payments on mobile devices, and to enable wearable device OEMs to concentrate on product development.

The product gives consumers the flexibility to load multiple payment cards from various banks and from different payment networks onto the wearable, making contactless payments independent of the end-device's operating system.

"Wearable devices are transforming the payment experience, and FitPay, [STMicroelectronics], and [Giesecke & Devrient] are making it easier to develop payment-enabled wearables," Michael Orlando, CEO of FitPay, said in a statement. "This reference design from ST demonstrates a fully integrated payment solution for manufacturers."