Wirecard, the German payments company, has introduced a wearable wristband for contactless transactions.

The product, called the Wirecard Smart Band, can be used by placing it against a Near Field Communication-enabled payment terminal. It also uses Bluetooth technology to connect to an app on a smartphone.

Additionally, the wristband—which can also be programmed for loyalty schemes and event admissions—uses a token-based security system to protect customer data.

"Wearables are the new trend in the field of Internet-based devices," said Markus Braun, Wirecard's chief executive, in a Jan. 15 press release. Wirecard is headquartered in Aschheim.

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