Diamonds are forever and now for payments
Wearable technology and contactless payments are two huge trends in the sector and have often been merged. However, what would it look like when taken to a luxurious degree? Patrick Brusnahan writes
It is not a new thing for contactless card transaction limits to be raised in the UK. In fact, it was raised from £20 ($25) to £30 in 2015. But what about a £1m limit?
Switzerland-based Armillion has released a contactless payment bracelet that has been dipped in diamonds. If that wasn’t flashy enough, its spending allowance is £1m. This can also be increased further upon request.
It is made from high-tech ceramic and set in 2523 diamonds and 4.6 carats. In addition, there are no batteries and never needs to be charged.
Who could want such a sign of wealth and to spend so much?
Speaking to Verdict Payments, a spokesperson says: “Our target customers are UHNWI, men from 25 to 55 years old, mainly European, middle-eastern and Russian, as we are not yet issuing in Asia or America. We find our customers using traditional distribution channels as jewellery boutiques but also in Private Banks and Familiy Offices that offer our product as the most exclusive of their debit and credit card portfolio.”
With such an exotic product with a high spending limit, security is of an utmost priority. The NFC-enabled technology provides bank-level encryption. Payments can be turned on and off through the Armillion app.
The spokesperson adds: “We are a Mastercard product that offers same security than a traditional credit card, the PIN validation in online markets. We are also close to launch our next solution that will include an external biometric validation that will provide more security to our customers and avoid limitations in offline markets.”
So what next? Armillion concludes: “Alternately to biometric validation, we are now offering only a male product, so after summer we will launch our women collection. New models will come before that, mainly orientated to stone setting (diamond exclusive models) new materials (platinum, hardening metals, white and grey ceramic) and new designs engraved (special collections).”