Handelsbanken, Norway’s national payment system BankAxept, and Evry have launched contactless payments from micro bank cards in wristbands, reports Antony Peyton of Fintech Futures (sister publication of Finovate).
According to Evry, Handelsbanken’s customers become the first in Norway to be able to pay contactlessly.
Evry said the micro format bank card is so small it can be put into a wristband, bracelet, watchstrap, key ring or other location that the customer wishes.
It works at all terminals that are ready to accept contactless payments. Handelsbanken, BankAxept and Evry are currently testing the new solution out in Norwegian shops.
“You can, for example, have this small waterproof card in a wristband on the beach so you can buy an ice cream as soon as you get out of the water without having to first fetch your wallet or mobile. We therefore think many people will like this solution and will use it on a day-to-day basis”, said Anthony Brady, manager for cards at Handelsbanken.
No PIN code is required for purchases of up to NOK 200 ($25). The payment is made in under a second and is as “secure as using a normal bank card”.
The micro bank cards will be offered to Handelsbanken’s customers later this year.
Handelsbanken has 49 branches and approximately 750 employees. The bank in Norway is part of Svenska Handelsbanken.
The group has 12,000 employees in over 800 branches across more than 20 countries, and was set up in 1871. Its head office is in Stockholm.
According to BankAxept, eight out of every ten card payments made in shops are made using a BankAxept card.
Since it was started in the early 1990s, BankAxept has been owned and managed by Finance Norway.
Evry demonstrated its PFM solution, Spendific, at FinovateEurope 2015. The Norwegian fintech is a leading supplier of IT services for the financial industry in the Nordics, serving more than 100 banks across the Nordics, the Baltics, and the U.K.