Dutch banking major ABN Amro has launched a pilot that will evaluate the use of wearable technology for making contactless payments directly from customers’ current accounts.
During the trial, users will be able to make contactless transactions through wearables at around 40 million payment terminals worldwide.
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The bank is working with Mastercard and DIGISEQ on the trial phase and eventually looks to collaborate with other parties on the initiative.
“Thanks to ABN AMRO’s close cooperation with Mastercard and DIGISEQ, the product meets all requirements for making reliable and secure payments,” the Dutch lender said in a statement.
The bank plans to roll out the new payment technology to customers at the end of 2017 after the completion of the trial and assessing the popularity of the new payment options.
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By GlobalData
