Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Caixa Bank to roll out 15,000 contactless payment wristbands

Barclays leads way in UK for wearable devices

Article comments

Spain's Caixa Bank plans to distribute 15,000 contactless wristbands that will allow users to make faster and more convenient Visa payments.

The bank claims that the roll-out of wearable payment devices is the largest of its kind in Europe, allowing customers to purchase goods at up to 300,000 businesses within Spain.

The wristband contains a 'microtag' with the user's encrypted card details, and allows transactions to be made with the same level of security offered as normal EMV cards. It is used in the same manner as existing contactless cards, with a customer tapping the wristband against a Visa-enabled point of sale device.

The wristband enables the user to make purchases of up to 20, with greater sums requiring the user to enter a PIN number.

In the UK, Barclays has launched a similar initiative, though on a smaller scale, with around 7,000 consumers able to try out the bPay band at a number of events this summer, ahead of a full rollout in 2015.

Caixa Bank has been at the forefront of development of wearable technologies with the financial sector, developing a range of consumer apps for use with Sony smartwatches and Google Glass.

Other financial services firms have also embraced the trend for wearable devices, which, according to analysts at IDC, is set to boom in coming years, growing by 78 percent a year until 2018.

PayPal has already developed an Android Wear smartwatch app, for example, while, last year, the research arm of financial services firm Fidelity Investments claimed to have developed the first Google Glass app targeted specifically at investors and traders.

According to TechMarketView financial services analyst, Peter Roe, a payments capability is a "logical component of any multi-function device", and the potential for greater uptake of wearable devices will spur further interest in sector.

"Although trials may be limited and the rate of adoption uncertain, companies in the payments business, and their suppliers, need to have a strategy, because progress is being made," he said.



Share:

More from Techworld

More relevant IT news

Comments



Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *