ABN Amro plans to bring contactless payments on Kickstarter-funded Kerv rings to Dutch customers

23 June 2017

ABN AmroABN Amro, an Amsterdam-based third largest bank in the Netherlands, reported it is holding trials of smart gadgets for performing NFC-powered transactions with a view to release the first public service to its account holders later this year. At the moment a select number of users participate in the pilot test of several wearable devices.

The smart gadgets include Kerv ring, that was put into production due to donations of backers on Kickstarter, and an NFC-capable smart watch. It is planned that customers will be able to use these gadgets for making contactless transactions with funds transferred from their current accounts to NFC-enabled POS terminals at stores or other retail locations.

The bank shared its plans to hold negotiations with other manufacturers of wearable devices and conclude some agreements with them over testing their technologies for contactless payments, and, thus, obtaining more information from feedback provided by the test participants before massive roll-out. ABN Amro is partnering with Mastercard and Digiseq over ensuring compliance of the products with all requirements to reliability and security of transactions.

kerv

The history of ABN Amro dates back to 1765, but the current state of the financial company is a result of the government actions taken during the crisis of 2007 when the assets of the bank were bailed-out, and it was only in 2015, when the Dutch government publicly relisted ABN Amro and went for an IPO to sell 20% of the bank shares to the public.

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