Wirecard’s Smart Band uses a Google-backed technology called Host Card Emulation (HCE) to securely store and transfer credit card credentials to and from a smartphone. A near field communications chip in the band then communicates with a point-of-sale terminal, working at the same places that accept Apple Pay and Google Wallet.
While Smart Band technically could be a way of putting Google Wallet in a wristband, Wirecard EVP of Mobile Services Joern Leogrand said that the company isn’t in any talks with Google and doesn’t have plans to do so. Rather it wants to use Smart Band to fuel transactions on its own digital billfold, he said, as well as the mobile wallets of its partners.
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