It's all in the wrist.
MasterCard Inc. has begun distributing wristbands with contactless payment chips at festivals and other events. The wristbands, besides functioning as payment devices, also manage entrance to the events, said Jason Field, business leader in product management for MasterCard's Global PayPass Solutions division.
Five hundred VIP guests and vendors who attended the Isle of Wight festival this month in the U.K. said they liked with the wristbands. Each VIP received a wristband that accessed about $50 in a prepaid account on a first-come, first-served basis. They could use the wristbands to buy food and drinks at Central Catering's bar and Jamie Oliver's Fabulous Feast restaurant.
Event organizers praised the technology's efficiency and speed, and some restaurant patrons were surprised the transactions were so fast - two or three seconds, Field said.
"We've been thrilled by the transaction speed, as that and convenience are the key things that are top of mind with contactless transactions," Field said in an interview.
For the festival, MasterCard used about 25 Ingenico Corp. Bluetooth contactless EFT930BCC terminals, which authorized transactions immediately. HSBC Merchant Services processed the transactions, and Newcastle Building Society was the issuer that held the funds.
As part of the VIP wristband distribution, attendees agreed to respond to survey questions about how the contactless payment technology worked for them. MasterCard also had employees talking to users throughout the festival, Field said.
Of those survey respondents, 96% said the wristbands were quicker than credit cards, debit cards or cash. Ninety eight percent said they were easier to use, and all said they would like to use contactless wristbands at future events.
Aside from demonstrating their speed and convenience, MasterCard also sought to prove that festivals and events could use its PayPass wristbands for security at entrances and exits. ID&C Ltd. of Kent, England, manufactured the wristbands.
About 50 wristbands were stolen from MasterCard's event office. Event organizers were able to identify and apprehend the thieves by scanning the bar codes on the wristbands, Field said.
