Riyad Bank Targets Young Saudis with Gemalto Payment Wristbands

Riyad Bank is launching Saudi Arabia’s first wristband devices supporting contactless payments, care of Gemalto.

The wristbands feature Gemalto’s MiniTag, which allows them to be linked to end users’ debit and credit accounts. With their support for contactless transactions, the devices let users make payments just by waving their hands close to a POS terminal.

In a statement announcing the collaboration, Gemalto and Riyad Bank framed it as a means of appealing to a younger demographic. “Reflecting the strong appeal of innovative contactless form factors among younger customers, Riyad Bank will be also serving millennials with bracelets that will be linked to prepaid accounts to enable secure cashless payments at restaurants and other outlets across the country,” the statement read.

For Gemalto, it’s the latest sign of the company’s effort to establish a strong position in emerging, innovative payment technologies, with the company currently participating in a Visa-led trial of biometric payment cards in Cyprus. With Riyad Bank, the company has also launched a contactless sticker designed to be affixed to another device, turning it into a new payment method.