Mobile payments are becoming more popular with different wearable devices integrating this feature. Competition is high with Apple Pay teaming up with Square and Google introducing Android Pay. While these big names are fighting it out, there are many companies which are busy creating new devices. One of them is PureWrist which is developing an affordable wearable band that will allow contactless payment. The bracelet launched a crowdfunding campaign on Indiegogo to raise funds. So, how does the bracelet work? Let us have a look at this post to know more.
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PureWrist- How Does it Work?
The PureWrist is a silicone bracelet that has an NFC payment chip embedded in it. The chip uses the same technology that is found in Apple Pay and credit cards enabled with NFC. With this technology, you can use PureWrist to make mobile payments. It can be used at any place which accepts contactless payments which includes Target, McDonalds and Square readers.
A prepaid debit card dubbed Gratitude is linked to each bracelet. The card is issued by Sunrise Bank and licensed by MasterCard. All the deposited funds are stored in an account which is insured by FDIC. Users can easily check their balance and reload funds with an online banking portal.
Each user will get a 16 digit card number with which they can use their prepaid account and make purchases online.
— TechCrunch (@TechCrunch) June 12, 2015
Indiegogo Campaign with a Social Cause
The funds raised through Indiegogo will not just be used for manufacturing PureWrist bracelet, it will also be used for a social cause. It will donate 20 percent of the campaign’s net profit to The Leukemia & Lymphoma Society.
You have to pledge $40 to get the bracelet and you have to pay a monthly subscription fee of $4.99 for the debit card. The fee will automatically be debited from your prepaid account. You can get the bracelet at an early bird price of $30 now.
The total funding goal is $20,000 and has 20 days to go before the campaign ends. The shipping is expected to start in September 2015.
— Third Wave Fashion (@3rdWaveFashion) June 12, 2015
Are you going to pledge your funds for PureWrist? Do you make mobile payments? We would like to hear your thoughts.