Hungarian mobile service provider Telenor has launched a bracelet it calls the “Wallet”, which functions as an alternative to PayPass cards, offering wireless payment at POS terminals.
The bracelet is independent of phone service providers, requiring only a smartphone application. Customers ordering the bracelet through the “Telenor Wallet” application will receive a mini Mastercard pre-paid card alongside the bracelet itself, according to a press release sent to Budapest Business Journal. The device was launched on June 28.
In order to make the bracelet function, customer’s place the card inside, and activate the gadget using the ID number found on the card. The mini card’s account can be topped up using Mastercard, VISA, and AMEX cards registered in the app.
According to Telenor, the bracelet serves as an alternative to credit cards and smartphone apps, offering higher mobility, and a waterproof design. The amount of money one can spend can also be controlled, offering solutions for festival visits, or even for the regulation of children’s pocket money. The smartphone application includes an overview of all transactions as well.
The bracelet comes with a bonus HUF 2,000 on its balance, accessible upon registration. All current POS terminals will accept the gadget, which works the same way as a PayPass card, according to the press release.
The use of the bracelet is free of charge in the first three months, with a monthly fee of HUF 490 deducted from the balance thereafter. The charge for topping up the balance is 2% of the amount (with a minimum of HUF 200), with a monthly transaction limit of HUF 75,000.