German payments company Wirecard gave the world a first peek at its new wearable device that functions like a digital wallet worn as a wristband. The device, called the Smart Band, can be used to store credit cards, ID cards and even tickets. Though only unveiled as a prototype, Wirecard’s plan is to bring the device to market this summer in Europe, Wirecard told Gigacom in a recent interview.
Given that the Apple Watch is set to hit the market in April, Wirecard’s tech could arrive just as consumers are looking for an alternate wearable on the market that works with a digital wallet technology other than Apple Pay. Plus, Apple Pay won’t be available in Europe until sometime later in the year, which means wrist-based payments tech might come to European Android users instead of iOS users.
The Smart Band uses a Google-backed technology called HCE to securely store and transfer credit card credentials to and from a smartphone. An NFC chip in the band communicates with POS terminals, meaning the wearable works in a manner essentially similar to Google Wallet or Apple Pay.
The Smart Band is designed to fuel transactions on its own digital billfold, though some have pointed out that it could be a good starting point to load Google Wallet into a wearable.
The wearable device will be open for Wirecard customers and partners first. Since HCE virtualizes the secure element (the NFC chip), the gadget wouldn’t necessarily be tied to a specific carrier or device. Any company that works with Wirecard for payment processing could use the band as an extension of its mobile apps.
The goal is to license the tech and sell its payments processing services to other hardware makers, according to company leadership
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