ABN Amro is undertaking tests of wearable technology to make contactless payments, with the aim of rolling out its first card-free tap-and-pay product to customers by the end of the year.
The Dutch bank says a select group of users is currently testing various wearables, including the crowdfunded Kerv ring and a watch with NFC technology. The test users will be able to use the kit to make contactless payments pulled from customer current accounts at NFC-enabled terminals.
ABN Amro says it is hoping to conduct tests with other wearable manufacturers and gather feedback before going into production. It is working with Mastercard and Digiseq to ensure that the products meet all requirement for making reliable and secure payments.