Maybank launches contactless wristbands

Maybank launches contactless wristbands

Customers of Malaysia's Maybank can now make payments with a wave of the wrist using NFC wristbands developed by the bank in association with Visa.

The smart wrist band uses Visa's PayWave technology to enable contactless payments at more than 1000 locations across the country.

The Maybank PayBands follow the PayWave microtags previously issued by the bank for customers to stick to their mobile phones for contactless payments.

Visa expects the wristbands will be particularly attractive for consumers visiting cash-hungry outdoor events and theme parks.

Visa country manager for Malaysia Ng Kong Boon says: "To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payments, such as entrance fees and drinks, are small ticket payments."

He says there are now over 2.5 million Visa payWave cards in circulation in the country, with a year-on-year growth of 250% in payment volume as of November 2015.

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