30 April 2017
Visit EBAday.com

CaixaBank to roll out contactless wristbands

03 July 2014  |  14435 views  |  2 CaixaBank wristband

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.

The band allows the bank's customers to "carry payment cards on their wrists", says the bank, and will be useable at more than 300,000 businesses across Spain.

CaixaBank currently has more than four million contactless cards in circulation, 200,000 contactless-ready PoS systems and accounts for 16% of all contactless payments made in Europe, according to Visa estimates.

The wristbands will be made available to customers who have made the most use of their contactless cards.

The elastic and adjustable bands contain a microtag with the customer's encrypted card details, protected with the same security guarantees as regular EMV cards.

As with contactless cards, for purchases over EUR20 customers will have to enter their card PIN to validate the transaction. Purchases of less than EUR20 can be made simply by tapping the band at the merchant's PoS.

CaixaBank has set up a specific application on its CaixaMóvil App Store, that alerts users via SMS immediately of any transactions made using the device.

This is not the bank's first foray into wearable technology. In early 2014 it launched an early application for smartwatch devices and an application to help Google Glass users locate branches and convert currencies.

The UK's Barclays Bank last month announced plans to roll-out its own 'bpay' bands to UK consumers sometime next year.
KeywordsEFTPOS

Comments: (2)

Paul Love
Paul Love - Compass Plus - Nottingham | 03 July, 2014, 13:05

Perfect for the beach bar :-)

Just need to stick to small rounds and avoid the champagne to keep under the €25 limit :-(

1 thumb up! 1 thumb up! (Log in to thumb up)
A Finextra member
A Finextra member | 04 July, 2014, 09:24

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.

 

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Telefonica, CaixaBank and Santander JV launches small biz customer loyalty service

Telefonica, CaixaBank and Santander JV launches small biz customer loyalty service

11 June 2014  |  9149 views  |  0 comments | 4 tweets | 6 linkedin
Barclaycard unveils contactless wristband

Barclaycard unveils contactless wristband

09 June 2014  |  14252 views  |  4 comments | 30 tweets | 28 linkedin
CaixaBank launches Facebook app

CaixaBank launches Facebook app

06 May 2014  |  10872 views  |  4 comments | 18 tweets | 12 linkedin
CaixaBank builds Google Glass and smartwatch apps

CaixaBank builds Google Glass and smartwatch apps

19 February 2014  |  6356 views  |  0 comments | 8 tweets | 19 linkedin
CaixaBank moves in to mPOS market

CaixaBank moves in to mPOS market

29 August 2013  |  8542 views  |  0 comments | 8 tweets | 6 linkedin
Contactless m-payments come to Mobile World Congress

Contactless m-payments come to Mobile World Congress

18 February 2013  |  7517 views  |  0 comments | 12 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comvisit vasco.com/news/PSD2-compliant-solutionsFind out more

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
8064 views comments | 17 tweets | 36 linkedin
JPMorgan formally quits R3JPMorgan formally quits R3
7614 views comments | 27 tweets | 15 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7282 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6361 views comments | 22 tweets | 21 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
6037 views comments | 20 tweets | 20 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job