With Tap & Go Wristband Debut, U.S. Bank Strengthens Innovation Game
If more banks take a cue from U.S. Bank’s innovation payment pipeline, running shorts will no longer require pockets.
Today, U.S. Bank deserves props for introducing Mastercard PayPass VITAband, a wristband that both stores a consumer’s emergency and contact info and allows him to make tap & go payments at merchants that accept contactless payments. That’s a big win for those customers with active lifestyles that no longer have to worry about whether to carry a wallet or not while working out. The debut is a great example of catering to a niche in need of a tailored payments solution.
The wristband, which relies on a RFID payment chip, lets customers check their account balances, reload associated prepaid accounts and customize their Emergency Response Profiles. Users load and reload funds onto the chip using their online user accounts.
To bring the wristbands to market, U.S. Bank inked partnerships with Vita Products Inc., Oberthur Technologies and FIS.
