Banca Transilvania, the third biggest lender in Romania, has launched the contactless bracelet, a gadget that allows easier contactless payments. This is a premiere on the Romanian electronic payment market.

Banca Transilvania has decided to bring the contactless bracelets on the local market as the contactless payments have become popular as more retailers have installed POS devices that accept this type of payments.

The bracelet contains an electronic chip that is connected to the user’s bank account, offering him the possibility to make contactless payments of any sum at retailers in the country and abroad, according to Banca Transilvania. For payments up to RON 100 (EUR 22.5) the users don’t even have to introduce their pin code.

The bank’s clients who have Visa debit cards can ask the bank to issue them contactless bracelets. They don’t have to pay any fee to get the bracelet or any extra fee for the payments they make at retailers. However, the bank charges a monthly fee of RON 3 (EUR 0.67) for the bracelet.

The total value of card payments in Romania reached EUR 5.85 billion in 2015, according to Romania’s National Bank data.

Contactless transactions in Romania go up 50 times in one year

editor@romania-insider.com