With the contactless payment system on the rise, as seen with Apple Pay amongst others, a Spanish bank is introducing their own wireless wristband that processes monetary transactions. The CaixaBank wristbands allow customers to pay with a simple tap of the wrist.
Bulkier than similar examples of payment system wearable technology, the CaixaBank band still allows customers to pay without needing to give a signature or enter a PIN number. The major bank utilizes a microtag that is encrypted with the user's banking information -- the security of which is on par with existing cards. The microchip connects to the POS system of over 300,000 terminals across Spain and is able to process the contactless payment.
There is also a companion app that alerts users of all transactions made with the wearable device.