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Briefing
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- Wearable Payments – Dutch bank ABN Amro launched wearable payments service, allowing customers to link wearable devices to their bank accounts, which can be used to make purchases, on January 14, 2019
- Applicable Devices – Include Garmin, Mondaine, and Olympic watches, as well as keyrings and bracelets from Laks, and rings from K-ring that have Mastercard-certified payment chips
- Online Distribution – Customers can select which wearable to buy at ABM Amro’s website, which links them to manufacturer’s online shops, with product delivered to their home
- Payment Restrictions – Upon activation, customers can use their wearable to purchase products no more than €250 ($284) per day, with orders in excess of €25 ($28) requiring PIN
- Client Buy-In – 80% of 500 clients who tested service said they preferred using wearables than regular bank card
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