China UnionPay have released China’s first wearable payment tech, a bracelet that allows card holders to make micro transactions wirelessly at numerous terminals throughout the country.
The bracelet allows Industrial Bank credit-card holders to make payments at over 5.3 million point of sale terminals nationwide.
The domestic payment service provider faces stiff competition from a number of third-party providers, both at home and abroad, including the likes of Alibaba with their sister company Alipay, Apple and Samsung, all of which have been attempting to launch their own wireless payment solutions into China to no avail for some time now.
The mobile payments sector within China’s domestic market is growing fast, having jumped some 134% to 22.6 trillion yuan ($3.6 trillion) in 2014, according to figures released by China’s central bank.
The bracelet, revealed at a press conference in Shanghai earlier this month, can be used to make payments in a number of shopping malls, supermarkets and subway stations.
It was developed in co-operation between Industrial Bank and Chengdu Ledong Information Co., a firm behind a number of mobile applications that have been successful domestically. The device utilises near field communication technology and compatible point of sale terminals for micro transactions.