The Wearable Wallet? Posted by AVCU on 12:10 PM

The Financial Brand, an industry marketing analysis provider, reports on a new twist in mobile technologies introduced by U.S. Bank.

Everyone is jockeying for position in the new digital payments frontier with variations of chip-and-PIN, mobile payments and P2P.  But, according to Financial Brand, US Bank is going a different route with VITAband, a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information. Call it a “pay bracelet” or “wearable wallet.”

VITAband allows the wearer to “tap and go” when making purchases at merchants that accept contactless payments on MasterCard’s PayPass platform. Signatures aren’t required for purchases under $50. US Bank’s version contains a Radio Frequency Identification (RFID) payment chip, the technology that enables contactless purchases. Each band also carries a VITAnumber, a unique, 8-digit number that links the user to a customizable Emergency Response Profile, where first responders can find the wearer’s identity and critical medical information in the event of an emergency.

With their online VITAband account, wearers can check balances, re-load their prepaid wristband and customize their emergency medical profile. U.S. Bank’s VITAband has an initial fee of $39.95 which includes a one year subscription to the storage of medical records and emergency contacts. Thereafter, it costs $19.95 per year.