ABN Amro has introduced contactless payment with wearables for its private customers. The bank said it is the first in the world to make this possible. The bank is making different wearables available from different brands, including rings, smartwatches and fitness trackers. All of the devices provided by the bank come with a payment chip certified by Mastercard. Customers get the wearable delivered to their home and then activate it to their private bank account. They can then start making contactless payments.
Paying with a wearable is the same as making contactless payments with a bank card. People can hold the wearable against a payment terminal to pay, providing a Pin code for amounts of over EUR 25. Customers can make up to EUR 250 worth of payments per day.
Trial period with 500 customers
Over the past year, 500 ABN Amro have tested the wearables. About 80 percent of the test users said they preferred to use a wearable than a ‘normal’ bank card.
Smartwatches from Garmin and soon trackers from Fitbit will soon start working in a slightly differently way. Uers will need to enter a chosen pin code every 24 hours on their smartwatch or tracker. (TelecomPaper)