Not just a bracelet, a new way to pay. Forget credit cards, cash and even mobile phone chips.

A new bracelet has been embedded with a tiny chip, which is connected to the wearer’s bank account. The technology is being trialled in Denmark at the Smukfest music festival.

And it seems to be a runaway success with customers.

Kim Godiksen, is one of the specially designated payment bracelet retailers. He told euronews: “The price is keyed in – I place my bracelet here (on the scanner) and it’s paid.”

Betina Lykke Andersen, an accountant assistant at Smukfest is a fan of the new system: “After a few drinks and the party is on, we pull notes out from our pockets and they are easily lost. Now you have your money in a bracelet and you know where it is.”

Payments for two million Danish krone – over 250,000 euros – were made with the bracelet in a single day.

The normal time taken to make a credit card payment is around seven seconds. With the bracelet in action, it takes just one.