CaixaBank launches first Visa contactless wristband

CaixaBank has launched a Visa wristband for contactless payments with the tap of the wrist. In what the bank says is a European first, the band will allow its customers to effectively carry payment cards on their wrists so that they can complete transactions at more than 300,000 businesses across Spain. CaixaBank will begin rolling out the band this summer, distributing 15,000 of the wristbands to customers who have made the most use of their contactless cards. The wristband will then be made available via the bank's entire branch network in the second half of the year, with customers even being able to create their own designs.

The wristband includes a microtag with the customer's encrypted card details, protected with the same security guarantees as normal cards (EMV system). The contactless chip connects the wristband to point of sale (PoS) systems to complete transactions just like a standard contactless card. As with cards, for purchases over EUR 20 customers will have to enter their PIN to validate the transaction. Purchases of less than EUR 20 can be made simply by bringing the device close to the merchant's PoS.

CaixaBank added that the wristband is water-proof and damp-proof, making it ideal for the summer months. The product is also covered by the CaixaProtect service to protect customers against fraudulent use.

The wristband is CaixaBank’s second foray into wearable technology. Earlier this year it launched an app to let customers follow the stock markets via smartwatches and locate branches and convert currencies using Google Glass devices.