Danske Bank wearable payment solution is undergoing a trial phase to allow its customers to make payments using their wristband, keyring, jewellery or watchstrap.
The new offering, dubbed FastPay, will function like a Mastercard debit card. It will enable purchases at payment terminals accepting contactless Mastercard payments.
Payments above DKK350 ($53.97) will require PIN authentication, whereas payments below that amount will not require so.
Wearable technology driving convenience in payments
Danske Bank head of card and mobile payments Morten Schwaner said: “Contactless payments have become a huge success. Therefore, we also think that a lot of customers can see a value in doing contactless payments with a wearable as a supplement to regular payment cards.
“Paying with FastPay is even easier than paying with a contactless payment card. Just hold your wearable with your FastPay chip close to the payment terminal and pay.”
FastPay also includes a balance control feature, which prevents users from overdrawing their account.
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The chip is currently being trialled with thousands of Danske Bank customers in Denmark, Norway and Sweden.
“We believe that a contactless chip attached to a watch, wristband or jewellery will be an easy and convenient way of making payments in the future. FastPay will help drive the development of wearables, because everyone will be able to make card-free contactless payments without having to invest in a particular watch or other expensive device,” Schwaner noted.
The company plans to roll out the new wearable payment solution after listening to customer feedback.