VANCOUVER, B.C.—First West Credit Union said it has become the first to introduce Dashband, the first wearable payment accessory in North America to use Visa payWave technology.
Dashband allows wearers to pay for purchases using security of contactless payment technology in much the same way Apple Pay does with iPhones.
First West said it is unveiling the band in a limited release as it explores ways to bring new solutions to its membership.
"Introducing new technology is one of the ways we can create value for members," Bryan Mavrow, senior vice-president of marketing at First West, said in a statement. "Wearable payment accessories is a rapidly emerging area that pairs well with our commitment to making everyday banking simpler."
Using Visa's payWave, the Dashband eliminates the need to use cards, signatures or PIN numbers for purchases. To make a purchase, the band need only be placed near-or "tapped" on-a contactless payment terminal. Reloading the band with funds can be done through the credit union's online banking portal.
Doug Ebner, the credit union's lead innovation architect, sees the band as being ahead of the curve of consumer demand.
"We've been tracking the tap-and-go payment trend from the start and it's clear that contactless payment is becoming an expectation of consumers," said Doug Ebnar, First West’s lead innovation architect, in a statement. "For us, it's an opportunity to create more convenience and ease for our members when it comes to payments."
Wearable technology, especially the bands, has grown in popularity driven largely by various fitness applications. But Ebner said that he and the credit union see a broader potential early into the trend. The credit union envisions the band being a perfect fit for runners, hikers, busy moms and their tweens, time-challenged commuters, and even those who struggle with point-of-sale PIN pads.
"We're now at the point where wearable technology is evolving into experiments with multi-purpose accessories like Apple's watch, which is tethered to your iPhone," says Ebner. "But we believe there's a need for a simpler, more straightforward payment accessory that meets the need of busy people everywhere-and for which the only requirement is a bank account. The Dashband pairs nicely with our market-leading Simply Free Account."
The $10-billion First West Credit Union has more than 250,000 members and operates 53 branches throughout British Columia under several brands, including Envision Financial, Valley First, Enderby & District Financial and Island Savings brands.