Canadian payments company DirectCash Payments has unveiled a new payment-capable wristband.

Called DC Tag, the wristband includes a payment chip that fits into a slot near the wrist. Consumers can use the band wherever Visa payWave is accepted and do not need to enter a PIN to make payments.

Consumers load money onto the waterproof band online, up to a limit of $500 CAN. The band also features daily transaction limits. Users can choose whether to have money loaded on manually or automatically.

Numerous companies are coming to market with payment-capable wristbands. These include Barclaycard, Walt Disney Co., CaixaBank and TD Bank. Others, such as Apple, have built payment capabilities into full-featured smartwatches.

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