Dubbed FastPay, Danske Bank is testing its wearable contactless chip that can be used in a wristband, keyring, jewellery or watchstrap to make contactless payments at the checkout.
Currently being tested with thousands of customers in Denmark, Norway and Sweden, the chip will be functioning more like a Mastercard debit card that can enable users to make payments of up to Dkr350 without having to type in their PIN.
Morten Schwaner, head of card and mobile payments at Danske Bank, says: “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 devices.”
The date for the official launch is yet to be confirmed by the Danish bank, as they are gathering feedback from users taking part in the trails.
“The plan is to adapt the final FastPay solution as quickly as possible so that it can become available to all customers,” adds Schwaner.