Contactless Payments for On-The-Go Customers of U.S. Bank

by Mercator Advisory Group 0

U.S. Bank, headquartered in Minneapolis, has launched a new payment vehicle that it calls the VITAband, a wearable wristband equipped with both NFC payment capability and a link to an electronic identification service for emergencies. In practice, the wristband is a different incarnation of a MasterCard PayPass, the touchless payment technology. U.S. says the product is intended to serve the needs of “sports enthusiasts or people who are on-the-go and don’t want the hassle of carrying cash and identification.”

According to the U.S. Bank press release:

“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.”

In addition to partnering with MasterCard to roll out this product, U.S. Bank relies on FIS to process payment transactions, VITA Products Inc. for the online personal information profile, and Oberthur Technologies for security.

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