Watch out as ABN Amro runs rings around wearable rivals
Brace(let) yourselves! ABN Amro is launching contactless payment by wearable for all its retail customers.
The Dutch bank says it is the “first bank in the world to offer wearables enabling their users to pay higher amounts at a point-of-sale and using a PIN” – for purchases in excess of €25.
The keyring feels left out
You can choose a ring, watch or bracelet – or wear them all at the same time for a gloriously baroque bejewelled look.
As reported back in January 2018, the bank was testing these new wearables as a payment method with 500 of its clients. At that time, it also mentioned a keyring.
In the latest contactless chapter, Yvonne Duits, product owner mobile payments and wearables, ABN Amro, says: “Last year, we embarked on a joint pilot with partners Mastercard and DigiSEq. The 500 clients involved thought very highly of this payment method, reporting how good it was not always to have to bring their debit cards when going out or taking part in sports. Just use your ring to pay the bill and then prompt your friends to repay you by sending them a Tikkie reminder. Very useful indeed!”
It adds that out of those 500 clients, 80% of test users preferred wearables to a regular bank card.
Customers can buy their wearables and link them to their current accounts. The bank’s website features products and links to online shops where clients can buy wearables that come with Mastercard-certified payment chips.
The product will be delivered to a home address and, once activated via internet banking, can be used for contactless payment immediately.
