The program uses wearables for higher dollar purchases at the point of sale and a PIN code. The wearables will require a PIN code for purchases between EUR 25/USD 28.47 going up to EUR 250/USD 284.70.
According to Mobile Payments Today, the bank said that 80% of the participants in a pilot program preferred using the wearables to traditional bank card payments. The bank tested the use of wearables with 500 clients over a 12-month period with Mastercard and DigiSEq.
Moreover, the bank will feature a website where customers can buy the wearables, which include a Mastercard-certified payment chip. The payments program will work with retail clients of the bank, not business clients.
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