The band allows the banks customers to carry payment cards on their wrists, making payments at approximately 300,000 businesses across Spain.
The wristband uses contactless payment technology: inside is 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 in the same manner as with a standard contactless card. The device is set to connect via proximity and complete the transaction. As with contactless cards, for purchases over EUR 20 customers will have to enter their card PIN to validate the transaction. Purchases of less than EUR 20 can be made by bringing the device close to the merchants POS.
The system is fully compatible with all POS systems that support Visa contactless payments worldwide.
In recent news, CaixaBank has launched a Facebook application that allows users to view their bank accounts and perform transactions via the social network.
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