Visa Contactless Wristbands for Payments with CaixaBank

One of Spain’s leading banks – CaixaBank – announced the launch of a new Visa wristband that enables users to make contactless payments at merchant outlets, in a seamless manner. So far widespread use of contactlesss wristbands were restricted mostly to concerts, music festivals and other live events of the kind.

In fact, this innovation enables customers of the bank to carry payment cards on their wrists. This makes for fast and convenient payments at over 300,000 businesses across Spain. CaixaBank says that it plans to distribute 15,000 contactless wristbands to those users that have utilized their contactless cards the most. Visa is associated to this programme in Europe consisting in the usage of wearable devices as a payment method from the second half of 2014.

The wristband consists of a microtag with the user’s encrypted card details, protected with the same security guarantees as normal cards (EMV system). The contactless chip connects the wristband to PoS systems to complete transactions just like a standard contactless card.

All this technology is united in a small gadget featuring an adjustable strap and hypoallergenic materials. The Visa contactless wristband is also water-proof and damp-proof. Customers can wear the band even while working out or during outdoor activities without any concerns. Payment is finalized by a simple wrist pressure against the POS

As for contactless cards for purchases over 20 euros, customers will enter their PIN code of the card to confirm the transaction. The system is fully compatible with all POS systems that support Visa contactless payments worldwide. The application is completely free and can be downloaded via SMS sent to the user. The application is also available through the application of the bank shop CaixaMóvil store.

British bank Barclays will give the opportunity to its English customers to pay less than 25 euros thanks to an NFC electronic bracelet in 2015 (bracelets bPay). Conversely, customers can transfer money directly from their bank account on their bracelet. On the same principle, the Australian bank Heritage Bank has partnered with Visa to develop a suit with IC chip payment integrated in one of its sleeves. See also

© 2015 Strategies Telecoms & Multimedia | Contact |  -