Danske Bank Pilots Wearable Payment Device

11 de Octubre, 2018

Tiempo estimado de lectura: 1 minuto

Customers will have the option to attach FastPay to the wristband it comes with, or add it to their key chain or watch strap.

The test phase will be conducted with thousands of Danske Bank customers throughout Denmark, Norway, and Sweden and there’s no set date for the full launch yet. Contactless payments still have a long runway for growth in the Nordic region. Consumers are hesitant to buy payments-specific wearables, but would be interested in contactless payments that are integrated into existing devices, according to a Barclaycard study. So the flexibility of this product could widen its addressable base and ultimately help bring wearable payments to the mainstream. That could be impactful as contactless payments continue to grow in the Nordics, where penetration is low but consumers are likely receptive. Sweden, for example, is currently the most cashless country in the world: Only 2% of total value of transactions in Sweden consists of cash — a figure that’s expected to decline to less than half a percent by 2020. That shift is largely due to consumers’ lower reliance on cash, which could also be indicative of consumer receptiveness to new payment methods — a trend that could carry over to FastPay. That growth potential, which could draw users to the product, combined with its unique flexibility, could boost the product and give it a strong start in the market.

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