The device, a waterproof wristband containing an embedded chip, allows users to make contactless payments from their Visa debit account instead of requiring them to load money on to a pre-paid chip.
“Our payment band works just like a Visa debit card, but it’s conveniently strapped to your wrist like a watch,” Heritage Bank chief executive Peter Lock said.
“The band is waterproof, so whether you go out for a morning run or a daily swim, or jump out of the car with children on your hip, you’ll no longer need to take your wallet or your phone. You can simply strap this new payment device to your wrist to make payments directly from your savings account.”
The device is being trialled by 40 Heritage Bank customers until the end of the month, following a successful staff trial earlier this year, the bank said.
Mr Lock said the bank intends to launch the device to the market “later this year”.