KBC Brussels bank has announced that its customers will be enabled to make contactless payments by using a wearable, such as a watch, a ring, a keyring or bracelet.
According to the press release, towards the end of 2018, KBC called for customers to take part in a year-long pilot project to test this way of paying. Over 10.000 KBC customers expressed an interest, of whom 1.000 eventually spent a year by using a wearable – a fashionable accessory such as a ring, bracelet, watch, or keyring – fitted with the same technology as a contactless payment card that was linked to their KBC Debit Card.
The responses were increasingly positive, thus KBC decided to offer this payment method to all KBC customers beginning from the second half of 2020, as over 90% of payment terminals in Belgium have been fitted with the necessary technology for contactless payments.
Moreover, any customer who doesn’t have a wearable can buy one from a series of Belgium-based suppliers – such as BERG, Gemini, K Ring, LAKS Pay, Mondaine, Rosan Pay, and Tapster – and abroad via www.kbc.be/en/wearables. Afterwards, the product will be delivered to their preferred address. Additionally, the wearable is not activated on delivery, as only the customer can do that, by following a procedure within the secure KBC Mobile environment. This ensures that the entire purchase and activation process can be completed safely. Once the wearable has been activated, the customer can use it to make payments.
Rings, smartwatches, and keyrings came out as the most convenient wearables, while 34% of users preferred the ring, 21% the smartwatch, and 18% the keyring.
6 out of 10 pilot users had the wearable with them almost always. Half of the users considered convenience to be the most important advantage.
2 out of 3 pilot users said they would certainly or probably consider buying a wearable in the future.
Over half would firmly recommend a wearable to relatives and friends.
The final survey of the pilot users found that the debit card was their most used means of payment, with the wearable in second place, and cash bringing up the rear.
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