Shoppers in Spain can buy goods with a simple tap of the wrist.

A Spanish bank has launched a contactless payment system allowing customers to use wristbands to transact at store cashiers.

Last week Inside Retail Asia reported on a new Norwegian biometric payment system which allowed shoppers to verify a credit card payment using their fingerprint instead of a PIN or signature.

Now, in further evidence of the increasing innovation in contactless payments, Spain’s CaxiaBank has developed a payment system which works with a tap of the wrist.

Inside the wristband is a microtag with the customer’s encrypted card details, protected with the same EMV security system as standard cards. The contactless chip connects to POS systems to complete transactions, reports trend monitoring website Springwise.com.

A companion app alerts users immediately of any transactions made using the device. At present, the wristband can be used at more than 300,000 contactless terminals across Spain.

CaxiaBank is setting itself apart from competitors by being the first to move into wearable tech.