In the future, you will not need to take out your payment card to pay when you are on the go. From October thousands of our customers in Denmark, Norway and Sweden will be testing a new payment solution – FastPay – which quite simply consists of a payment chip with an in-built antenna that can be placed wherever you want. Once you have placed the chip where you want it, you can pay for your purchases at all payment terminals capable of accepting contactless Mastercard payments.
We can all think of situations where it would be nice if we did not have to carry our wallets and cards around with us – when we are out jogging, at a concert, at a party or at the beach, but it could also just be when standing in line with our hands full of groceries. It is in these situations where we can see that FastPay will add value to the everyday lives of our customers. Morten Schwaner
Head of Card and Mobile Payments at Danske Bank
Morten Schwaner sees FastPay as a supplement to Danske Bank’s other payment solutions such as payment cards and MobilePay.
“We believe that a contactless chip attached to a watch, wristband or jewellery will be an easy and convenient way of making payments in the future. FastPay will help drive the development of wearables, because everyone will be able to make card-free contactless payments without having to invest in a particular watch or or other expensive device,” says Morten Schwaner.
How does FastPay work?
When customers order FastPay, which is a variant of a Mastercard Direct debit card, they will receive a starter box including a payment chip, a chip holder and a wristband – and they are ready to go. Customers can decide for themselves where they want to put the payment chip, for example in a keyring or in a different wristband or bracelet.
“Contactless payments have become a huge success in a very short time. Therefore, we also think that a lot of customers can see a value in doing contactless payments with a wearable as a supplement to regular payment cards.Paying with FastPay is even easier than paying with a contactless payment card. Just hold your wearable with your FastPay chip close to the payment terminal and pay,” explains Morten Schwaner.
We will listen to input before making FastPay available to everyone
“We have not set a launch date for FastPay yet. To begin with, we are looking forward to test the solution and listen to the feedback that our customers will give us during the test period. Then the plan is to adapt the final FastPay solution as quickly as possible so that it can become available to all customers,” concludes Morten Schwaner.
Danske Bank has already launched two payment solutions for wearables that enable customers to pay using the latest smartwatches from Fitbit and Garmin.
FastPay and Mastercard Direct
Users can make payments of up to DKK 350 without having to type in their PIN. For purchases over DKK 350, the PIN must be entered.
FastPay has a balance control function, so it is not possible for customers to overdraw their account.
FastPay can also be used abroad – everywhere where contactless Mastercard payments are accepted.