Spanish Bank CaixaBank Prepares for Wearables with NFC Payment Technology
CaixaBank, Spain’s most innovative financial services provider, will be using NFC contactless tags for their commercial launch of contactless EMV payment wristbands. These novel wearable banking devices, certified by the international payment schemes, give CaixaBank customers the freedom and security to pay everywhere they go, without the need to carry a purse or wallet.
By design the Optelio Contactless MiniTag supports contactless EMV transactions, which can be performed at more than 300,000 payment terminals across Spain. CaixaBank started distributing preliminary volumes of wristbands to their contactless card users this summer. From October onwards, the wearable payment device will be available with a new design at all office branches. Customers will be able to choose between different colors, and to contract them through the traditional channels.
The CaixaBank wristband is water resistant and durable, it is therefore ideally suited to the outdoor, summer lifestyles of Southern European consumers. The Optelio Contactless MiniTag, inserted in the wristband’s slot, is linked to the user’s existing payment card. It offers exactly the same security standards as a regular contactless EMV card. The Optelio Contactless MiniTag allows payments of up to 20 euros with just a tap, and higher value transactions require entering the user’s PIN code.
CaixaBank is considered a worldwide leader in innovation and new technologies. Being a reference in this area, CaixaBank has obtained numerous prestigious awards. The “most innovative bank in the world” prize from the Global Banking Innovation Awards, issued by the Bank Administration Institute (BAI) and Finacle, is particularly noteworthy.
With more than four million contactless EMV payment cards now in circulation, CaixaBank’s commitment to innovative banking products has helped put Spain at the forefront of the contactless revolution in Europe. The new wearable payment devices will add further momentum to this rapid shift towards effortless transactions and shorter queues.
“The wearable devices market is booming, with around 70 million units projected to be sold in 20171,” said Philippe Cambriel, President for Europe, Mediterranean and CIS at Gemalto. “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.”