ABN AMRO has invited 500 of its clients to test its new wearable payment technology.
Following successful internal tests last year, the bank will be allowing its customers to make contactless payments with a ring, watch, bracelet or keyring.
ABN has claimed that it is the first bank to enable worldwide payment with wearable technology linked to a current account.
Yvonne Duits, ABN AMRO product owner payments, said: “As much as 50% of all payments in the Netherlands are contactless.
“But the rise of contactless payment doesn’t stop at bank cards and mobile phones.
“More and more products have payment through near field communication (NFC) enabled, so naturally we’re eager to test this method with our clients.
“The current project involves a range of wearables.
“We care about making things convenient for consumers and offering everyone a payment method that suits their preferences.”
The bank has opened applications for clients to participate in a four-month pilot and requested customer feedback via an app.
ABN AMRO has been cooperating with Mastercard and DIGISEQ to ensure the products meet the necessary requirements for reliable and safe payments.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Handelsbanken names new head for northern UK arm
Ingela Forsberg is set to become the new head of Handelsbanken Northern UK.
Tesco Bank expands mortgage intermediary panel
Tesco Bank has added Sesame to its mortgage intermediary panel.
Emma integrates with Monzo
Emma Technologies has integrated with mobile bank Monzo as it makes its first Open Banking partnership.
Commercial mortgage brokers positive despite Brexit concerns
Almost four-fifths of commercial mortgage brokers (78%) said they felt confident about the lending environment in 2018, up from 72% in 2017, according to new research.
Metro Bank names new commercial banking director
Metro Bank has appointed Jamie Sim (pictured above) as a commercial banking director within the commercial real estate team.
The launch of Open Banking
The launch of Open Banking at the weekend is clearly an important milestone in opening up the UK retail banking industry to much-needed competition.
Aldermore appoints specialist vehicle valuations head
Tim Bearder has joined Aldermore as its new head of specialist vehicle valuations.
Millennial banking app secures FCA approval
Emma Technologies Ltd has received approval from the FCA.
Open Banking goes live: industry reacts
The launch of the Open Banking scheme last week has presented many opportunities, but as one bank has stated, data sharing alone will not revolutionise the market.
EIB and Bankia to allocate €800m to SMEs and mid-cap projects
The European Investment Bank (EIB) has agreed a €400m loan with Bankia which will provide finance for Spanish SMEs and mid-cap (up to 3,000 employees) projects.