Wearables: Successful pilot project for students at Colombian University with Bancolombia
During the three-month project run students were able to use a personal wristband for paying at the college campus' kiosk. Bancolombia, one of the biggest banks in South America and market leader in Colombia, installed a special NFC terminal to process the debits. Safran Identity & Security (Morpho) supported Bancolombia with pre-personalized wristbands.
"We achieved a common goal which was to simplify the day-to-day lives of students on the campus through a seamless and secure means of payment," observed Liliana Vázquez, Vice President of Bancolombia Payment Services.
Carlos Narvaez, VP Sales LATAM & Managing Director Colombia at Safran Identity & Security (Morpho), added: "Using wearables as payment means represents a strongly growing trend in the global payment market, characterized by a huge innovation potential: nearly every object can be turned into a wearable for everyday, low-value payments. On the whole, this project perfectly represents tomorrow's innovative wearable payment technology," Narvaez said, adding: "We are currently working on the certification process for mass production. There are also more wearable payment projects shortly to come with other regional banks."