Danske Bank is trialing FastPay, a new wearable payment solution where a user wears a chip in a wristband or on watchstrap which can make contactless payments without have to reach to debit or credit cards.
Image: Danske Bank to trial new contact payment solution. Photo: Courtesy of Danske Bank A/S.
Danske Bank will begin the trials this month in Denmark, Norway and Sweden where thousands of customers will be testing FastPay, the new solution.
It has payment chip within a built-in antenna and can be used at all payment terminals that are capable of accepting contactless Mastercard payments.
FastPay is a variant of a Mastercard Direct debit card. When customers order the FastPay chip, they will receive a starter box which will include a payment chip, a chip holder and a wristband and they are ready to go.
Customers can decide for themselves where they want to put the payment chip, for example in a keyring or in a different wristband or bracelet.
Paying with FastPay can be easier than paying with a contactless payment card. One needs to hold the wearable with the FastPay chip close to the payment terminal and pay, Danske Bank stated.
Danske Bank card and mobile payments head Morten Schwaner said: “We can all think of situations where it would be nice if we didn’t have to carry our wallets and cards around with us – when we’re out jogging, at a concert, at a party or at the beach, but it could also be when we’re standing in a shop with our hands full. It’s in these situations that we hope that FastPay will add value to the everyday lives of our customers.”
Schwaner said: “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.”
As per the Danish bank, Contactless payments have been successful in a short period of time. Therefore, the bank has taken up contactless payments, where several customers see it as a value and a supplement to regular payment cards.
The bank stated that it will take inputs from the trials, before making FastPay available for everyone.