Danske Bank is testing FastPay, a wearable contactless chip that can be clipped to a wristband, keyring, jewellery or watchstrap for tap-and-go payments at the checkout. The Danish bank is currently testing the chip with thousands of customers in Denmark, Norway and Sweden. Operating like a Mastercard debit card, FastPay enables users to make payments of up to Dkr350 without having to type in their PINMorten Schwaner, head of card and mobile payments at Danske Bank, says: “We believe that a contactless chip attached to a watch, wristband or jewellery will be an easy and convenient way of making payments in the future. FastPay will help drive the development of wearables, because everyone will be able to make card-free contactless payments without having to invest in a particular watch or or other expensive device."The bank has yet to set a launch date for commercial roll out of FastPay, preferring to gather feedback from customers participating in the pilot to refine the product ahead of a future release. "The plan is to adapt the final FastPay solution as quickly as possible so that it can become available to all customers,” says Schwaner.
Danske Bank is using customers to test FastPay’s contactless chip, which can be attached to jewellery and used to make payments. The chip operates like a contactless debit card and allows users to make purchases of up to DKR 350 ($53.99). There is no set date for the product to launch commercially as the Danish Bank is awaiting feedback to refine the product.