Gemalto, a global leader of digital security, has paired with CaixaBank, one of Spain’s largest and most innovative banks, to begin supplying its Optelio Contactless MiniTag payments solution.
The Optelio Contactless MiniTag is a wearable banking device – or in other words, CaixaBank’s contactless card users will be able to perform transactions from a simple wristband.
The devices, which are certified secure by the international payment schemes, including EMV, will allow CaixaBank customers to travel without a wallet or purse and still have the freedom to make purchases.
Contactless payment methods haven’t been particularly popular due to a general misconception among consumers regarding security, but that’s about to change thanks to Gemalto’s new product.
The Optelio Contactless MiniTag will work at over 300,000 payment terminal across Spain.
It automatically links to the user’s bank account and will let customers perform transactions of up to 20 Euros with no more than a tap. Larger transactions will require the user to input their PIN number.
As of now, only contactless card users will have access to the wristbands, but beginning in October, they will become available at all CaixaBank branches. The durable wristband seems to be targeted towards Europe’s large outdoor and summer-lifestyle population. The wristbands are water resistant and even come in a variety of colors that the customers will be able to choose from.
“The wearable devices market is booming, with around 70 million units projected to be sold in 2017,” 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.”
The Optelio Contactless MiniTag is expected to lead the way in Europe’s contactless payment revolution. Quicker and easier transactions, and shorter waits at banks and other payment terminals will be the norm. CaixaBank continues to prove that they’re the “most innovative bank in the world” – a prize from the Global Banking Innovation Awards, awarded by the Bank Administration Institute and Finacle.