CaixaBank is to distribute 15,000 contactless wristbands to customers over the summer, staking a claim to being the largest wearable payments programme in Europe.
Perfect for the beach bar :-)
Just need to stick to small rounds and avoid the champagne to keep under the €25 limit :-(
The contactless limit at £20 in the UK(25 euros) looks increasingly under pressure as the use of contactless finally increases, as more terminals rollout and transport becomes the usage driver that was required.
If it does increase to say £30or even £40 and has a variety of options like these wristbands will this have an impact on Banks disputes policy and procedures? With the current rules and limits it is probably not worth using the chargeback option but with
potentially larger value transactions and dramatically increased volumes (possibly driven by wristbands etc) this may need to be reviewed at some stage.
In many banks in Europe the chargeback system is a very manual process and a systems backwater. That may change driven by developments like this plus payday loans instalments on a debit card that have to be instantly refunded under the Payments Service Directive.
© Finextra Research 2014