The Banco de Costa Rica (BCR) is the first bank in Costa Rica to make available to its customers the first “wearable” or wearable device linked to a banking service in the country for purchases.
The wristband uses contactless technology for purchases under ¢15,000, as provided in the Regulation of the Central Bank Payment System (Reglamento del Sistema de Pagos del Banco Central) that does not require user identification or signature when making purchases with contactless payment systems, ie chips cards, smartphones and wearables, such as wristbands, watches and rings, among others.
“Regarding means of payment, the BCR is taking a transcendental step, since it is migrating from the technology of magnetic stripe to chip technology, which is much safer. We are taking advantage of this technology to offer customers not only greater security but also greater convenience, ease and speed with the wristband,” said Allan Guillen, head of payment media at BCR.
The BCR wristband contains the same security of a traditional chip card. However, it is important that, unlike a card that is carried in a wallet or purse, the customer never loses possession or sight and control of his or her wristband because it is worn, therefore is not exposed to data theft. And the transactions are faster.
As an additional security element, in addition to the ¢15,000 per transaction limit, the wristband has a maximum daily use limit of ¢100,000 and 10 transactions.
In its promo for the wristband, the BCR says, “With Beep, enjoy the freedom of walking without a wallet while enjoying your favorite sports such as swimming, cycling, athletics or going to the gym. With the new BCR shopping bracelet, work, go out with your friends or go on vacation (to the beach or the mountain), it will be more comfortable.”
For more information on the BCR wristband click here or watch the video.