CaixaBank has started offering a wristband that can make contactless Visa payments at more than 300,000 businesses across Spain.

The wristband consists of a microtag with the customer's encrypted card details, using the same EMV security as traditional contactless payment cards. The bank will offer the first 15,000 of the customizable, waterproof wristbands to its most active contactless card users. The wristband will be available at the bank's entire branch network in the second half of the year.

The CaixaBank wristband launched July 3, the same day Barclays began providing its own payment-capable Visa wristband at the British Summer Time music festival. The Barclays bPay PayBand is based on the U.K. company's PayTag contactless payment sticker, which has been issued to 1 million customers. Barclays launched bPay after two years of testing.

CaixaBank also has an app for smartwatches that helps customers find branches and convert currencies. CaixaBank currently has 4 million mobile service users and more than 9 million online banking customers. According to Visa estimates, CaixaBank now has more than 4 million contactless cards in circulation and accounts for 16% of all contactless payments made in Europe.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry