KBC Bank of Belgium is inviting customers to take part in a year-long wearable payments pilot, where customers will be offered the choice of trying out NFC-enabled ring, key fob, wristband or watch.
The trial will run for over a year (from 1 December 2018 until 31 December 2019), with customers providing feedback on their experiences and kept informed of progress through a regular newsletter.
“Feedback from testers will be crucial for further developing and launching this new way to pay. KBC customers wishing to participate in the trial have until 18 November this year to apply,” KBC said.
Once the new payment method is launched commercially, it will enable all of the CBC and KBC Brussels customers to pay using wearables, reports NFC World.
A group of 1,000 participants will be selected from the customers who sign up for the trial. Each will receive a wearable of their choice free of charge at one of the events organized in Flanders.
“If testers lose their wearable or it’s stolen, they can block it using the app they’ll be given as part of the trial or by having the linked payment card blocked by Card Stop,” the bank said.
According to KBC, more than 90% of payment terminals in Belgium have been equipped with the required contactless payment technology. There’s also a steady growth in the number of contactless payments in Belgium, which quadrupled in one year (between September 2017 and September 2018).
“Our recent launch of Garmin Pay on 23 October focused on customers who lead an active life,” Karin Van Hoecke, KBC’s general manager for digital transformation, explains. “This trial is all about personal banking.
“Contactless payments by wearable is an innovative way to pay that we’d like to explore with our customers. How do they experience it? How do they feel about being able to pay for smaller purchases in shops or lunch in a restaurant with their ring, bracelet or key ring? We can’t wait for their feedback!
“We see wearables as another way to pay, rather than a replacement for other existing payment methods. Our customers will ultimately decide which method they prefer from the broad and most user-friendly choice we want to give them.”