Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
19th July 2011
VITAband wristband - the future of contactless payment?
Following recent testing U.S. Bank is ready to go live with the offering of a VITAband from MasterCard. The wristbank offers MasterCard PayPass contactless payment and also combines emergency contact and medical information.
U.S. Bank is partnering with MasterCard Worldwide, Vita Products, Inc., Oberthur Technologies and FIS to provide this product and service that combines advanced financial management and universal health record technology.
"U.S. Bank MasterCard PayPass VITAband is great for sports enthusiasts or people who are on-the-go and don't want the hassle of carrying cash and identification. It provides contactless payment functionality, along with access to emergency contact and medical information, all in one convenient wristband," said Beth Blaisdell, senior vice president for U.S. Bank Payment Services. "Listening to and understanding the financial and personal needs of our customers inspire us to offer unique and powerful new products like the VITAband."
Issued by U.S. Bank, the MasterCard PayPass VITAband contains a Radio Frequency Identification (RFID) payment chip, which enables contactless purchases. Customers can load and reload funds onto the chip as needed via an online user account. Each band also carries a VITAnumber, a unique, eight digit numeric identifier that links the wearer to a customizable Emergency Response Profile, which houses the individual's identity and critical medical information. First responders can access the profile in the event of an emergency. With a VITAband, customers benefit from both convenience and peace of mind.
Customers must pay $40 for the VITAband. The wristband would seem the logical development of contactless technology offering ease of use over either a card or waving a mobile phone. It is likely contactless technology will be integrated in other wearable items in future such as watches, rings, jewellery and clothes.