Danske Bank sets date for wearable testing
Danske Bank is testing its new wearable solution, FastPay, a wristband, keyring or watchstrap with a chip for contactless payments.
This test will go live in October, where Danske Bank customers in Denmark, Norway and Sweden will be able to try the new solution.
Morten Schwaner, head of card and mobile payments at Danske Bank, sees FastPay as a supplement to its other solutions such as cards and MobilePay.
“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 other expensive device,” says Morten Schwaner.
FastPay, which is a variant of a Mastercard Direct debit card, comes with a starter box including a payment chip, a chip holder and a wristband. Customers can decide where they install that chip.
“We also think that a lot of customers can see a value in doing contactless payments with a wearable as a supplement to regular payment cards. Paying with FastPay is even easier than paying with a contactless payment card,” explains Schwaner.
The bank doesn’t have a launch date for the product, and has said it will be modifying it according to feedback.
Today, FinTech Futures covered how Danske Bank received requests for information from the US Department of Justice (DoJ) in connection with a criminal investigation relating to the €200 billion money laundering case in Estonia.
