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News

EBL launches WEAREBL

Wednesday 13 September 2023 14:26 CET | News

Bangladesh-based Eastern Bank (EBL) has launched WEAREBL in collaboration with Mastercard and Visa. 

Highlighting the fact that banking in Bangladesh must adopt global trends and technology, EBL and its Payment Network partners developed a range of wearable payment devices. Even if contactless payments are relatively new in the industry, they may hold great potential, and EBL’s objective is to integrate functionality, style, and simplicity into all wearable devices and upcoming solutions. 

Bangladesh-based Eastern Bank (EBL) has launched WEAREBL in collaboration with Mastercard and Visa.

WEAREBL’s features

WEAREBL is set to be available in a compact payment ring, a phone holder, and a grip, as well as a wristband and a portable fob sleeve. Some of the key features of the devices include:

  • Advanced security, as each transaction generates a unique token, protecting data from potential fraud;

  • Universal compatibility, as all EBL’s wearable devices are compatible with major payment networks;

  • Straightforward setup, as users only need to activate the products by making a call.

After the products have been activated, users need to hold the wearable device close to the contactless payment terminal, as the NFC technology will initiate the transaction. The customer will receive confirmation of the transaction once the payment is successful.

Moreover, WEAREBL devices aim to combine convenience, security, and style to enhance the overall banking experience. In addition to the NFC-enabled chip, the devices have a safe encryption technology to ensure the security of all transactions. In order to promptly identify unauthorised activity and monitor spending, the devices have a real-time transaction notifications system that informs the user on their phone.

Eligibility criteria and applying for WEAREBL

The devices are available for both existing and new customers through EBL branches, SKYCARE, and the Contact Centre, while existing clients can also submit an application from the website. Customers who are eligible for EBL Visa Platinum and EBL Mastercard Titanium tier credit cards can apply for WEAREBL devices. As the products are on a pre-order basis, users will be contacted by the company for further steps and the fees will be charged from their base card’s credit limit.

The delivery timeframe is between 15 and 45 working days, and it will commence from the day of issuance of fee completion. 

Wearable devices usage for payments 

According to Grand View Research, the global wearable payments devices market size was valued at USD 10.35 billion in 20202 and it is projected to reach a CAGR of 29.8% from 2021 to 2028. The increase can be credited to the growing demand for Host Card Emulation (HCE) and the adoption of cashless transactions.

The fast payment capability of wearable devices is predicted to fuel the market growth over the analysed period, with several e-banking platforms adopting these products. These platforms are working on integrating NFC technology into their transaction operations, aiming to facilitate seamless payments. Moreover, the rise in demand for NFC technology is influenced by the lower deployment costs. 

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Keywords: product launch, NFC, payments , payment methods, instant payments
Categories: Payments & Commerce
Companies: Eastern Bank, Mastercard, Visa
Countries: Bangladesh
This article is part of category

Payments & Commerce

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Eastern Bank

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Mastercard

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Visa

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