CaixaBank to roll out contactless wristbands
03 July 2014 | 14190 views | 2
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.