ABN Amro customers can now connect their wearable devices to their bank account to make payment. They can also make higher value transactions beyond the contactless limit by entering a PIN at the point of sale.
“ABN Amro’s website features products and links to the webshops where clients can buy wearables that come with Mastercard-certified payment chips. Their wearable product will be delivered to their home and, once activated via internet banking, can be used for contactless payment immediately,” the banks said.
“Paying by wearable is no different from contactless payment by card: Just hold the wearable near the point of sale and enter a PIN for purchases in excess of 25 euros. ABN Amro observes a limit of 250 euros a day that clients can spend with their wearables plus PIN — the first bank in the world to support higher-amount payments for these types of wearable.”
Following a successful 12-month trial that involved 500 people, the bank is now offering the service to all of its Dutch customers. The feedback from the trial was overwhelmingly positive, with 80% of participants preferring wearable devices to a regular bank card.
“The 500 clients involved thought very highly of this payment method, reporting how good it was not always to have to bring their debit cards when going out or taking part in sports,” says Yvonne Duits of ABN Amro.
To make wearable payments, customers will need to buy Garmin, Mondaine and Olympic watches, as well as keyrings and bracelets from Laks and rings from K-ring that have Mastercard-certified payment chips.
The bank said wearable payments will only be available to ABN Amro’s retail clients. “These wearables are being sold by companies that have placed Mastercard-certified chips in their products. Go to abnamro.nl/wearables for a list of wearables and links to webshops where you can purchase them and link them to your accounts.”