PureWrist launched on Indiegogo last week and is seeking to raise $20,000 for its silicone bracelet that contains an embedded contactless payment chip.
The bracelet acts as a reloadable prepaid debit card, which is licensed by MasterCard. One loads funds onto the chip through the company’s Gratitude management system. All the funds are stored in an FDIC-insured account and users will be able to monitor their spending and top it up when needed.
The chip inside the bracelet uses the same technology as Apple Pay and NFC-enabled cards. This means PureWrist will be accepted anywhere that accepts contactless payments, including the likes of McDonald’s and Target.
The bracelet will also be accepted by any of the new Square readers, which have been created in order to work seamlessly with Apple Pay.
PureWrist also addresses the issue of online shopping. Since the bracelet doesn’t actually come with a proper debit card, the company said that each user will be provided with a 16-digits card number so they can use money on their prepaid account to make online purchases.
The bracelet will cost $40, and there will also be a monthly subscription fee of $4.99 for the Gratitude system.
So far the company has raised 147 backers who raised $8,062 in 11 days. It has 20 days left to reach its goal of $20,000.
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