After an internal review of our wearable paytech products in 2017, Netherlands bank ABN AMRO requested our participation in their consumer-facing payment wearables pilot, alongside a number of other suppliers.
Launched on January 8th 2018, the four-month pilot gave ABN AMRO’s customers a choice of wearable devices linked directly to their current account, including a watch, a bracelet, a key fob or a ring - the latter two devices being our products. The appetite for wearables in payments was rapidly proven, with 20,000 customers applying for a place in the pilot.
Of these clients, an impressive 78% prefered their wearable to make contactless payments, against only 19% who preferred their debit cards. On average, clients made six payments a week for amounts under 25 euros during the course of the pilot.
ABN AMRO is the first bank to enable worldwide payment with a wearable that's linked to a current account. As Yvonne Duits, ABN AMRO Product Owner Payments, explains, the bank is exploring all sorts of inventive payment methods:
As much as 50 percent of all payments in the Netherlands are contactless. But the rise of contactless payment doesn't stop at bank cards and mobile phones. More and more products have payment through Near Field Communication (NFC) enabled, so naturally we’re eager to test this method with our clients. The current project involves a range of wearables. We care about making things convenient for consumers and offering everyone a payment method that suits their preferences.
Yvonne Duits, ABN AMRO Product Owner Payments
Our contactless payment ring was the most popular wearable device during the pilot, with a significantly large number of wearers using it for almost all of their contactless payments throughout the trial.
As a result of overwhelmingly positive feedback from their pilot, ABN AMRO will be taking its partnership with us to the next level, offering tokenised K Wearables devices to their customers on an ongoing basis, with roll-out planned for September 2018.