After a successful pilot scheme, Spain’s third largest bank is rolling out wearable payment devices that are linked to payment cards for customers all across the country.
Created by Gemalto, the NFC-enabled Optelio Contactless MiniTag is a small chip that tucks into a plastic wristband, allowing customers to make payments of up to €20 with a flick of the wrist, although higher value transactions will require them to enter their PIN. The wristbands can be used at 300,000 payment terminals across Spain.
The CaixaBank wristbands are water resistant and durable, which the company says makes them well suited to “the outdoor, summer lifestyles of Southern European consumers.”
“The wearable devices market is booming, with around 70 million units projected to be sold in 2017,” said Philippe Cambriel, Gemalto’s President for Europe, Mediterranean and CIS. “In line with this major global trend, CaixaBank’s new product launch re-enforces their pioneering spirit, well proven in providing innovative technologies such as contactless cards, mobile services and now wearable devices, so as to always offer their customers the payment method that best fits their needs.”
CaixaBank was recently named “most innovative bank in the world” at the Global Banking Innovation Awards.
Whitepapers
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