CaixaBank has launched Europe’s first Visa contactless wristband, enabling payments with a simple tap of the wrist.

The new tech will allow the bank’s customers to wear their card details and make payments at terminals in more than 300,000 businesses across Spain.

CaixaBank will initially issue 15,000 of the contactless wristbands this summer, to selected customers who have made the most use of their contactless cards. The device will then be made available to all customers via the bank’s branch network and other channels in the second half of the year.

Customers will be able to choose their own designs for the wristbands, which are water proof, adjustable in size and made from hypoallergenic materials.

Inside the band is a microtag with the customer’s encrypted card details, protected with the same security guarantees as normal contactless cards, CaixaBank said. As with a normal card transaction, for purchases worth over €20, customers will have to enter their card PIN to validate the transaction.

There will also be an option to download a new mobile app, which will alert customers when any transactions are made using the device.

The is the latest foray into wearable technology for CaixaBank, which earlier this year launched the world's first application for smartwatch devices and a function for Google Glass users to locate branches and convert currencies.

The bank’s move also follows a recent announcement by Barclays that it is trial its own bPay contactless wristband in the UK this summer.

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