Manufactured by G&D the waterproof wristbands integrate a security chip based on Java technology where the CaixaBank payment application has been installed as well as an initial balance. Certified by Visa, these devices can be used for contactless payments in shops worldwide. Apart from payments, the new wearable device can also be used as a building access control system or as a public transport card thanks to the NFC contactless technology and various mobile applications. Once the wristband is credited of any given amount through a dedicated app, its operation is similar to that of a prepaid chip card.
According to G&D, the payment business is going to undergo a strong transformation and mobile payments will experience an exponential growth in the short term. The company estimates that by 2021, about 936 million people will be using this technology to pay for their purchases.
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