A smart wristband which supports mobile payments has been launched by the Lakala Group.

Koala is the company's latest attempt to explore the mobile payment and Internet financing sector.

Apart from the regular functions of smart wristbands, Koala sets its selling point as mobile payments. With a built-in Unionpay cyber-cash card, users simply swipe the band to pay at a Quickpass terminal. It can also be used as a public transport card. The band will cost 398 yuan ($63.2) when it goes on sale soon.

"It is not only a wristband, but also a financial product which innovates the way of payment," said Sun Taoran, chairman and CEO of Lakala. "The wristband is based on Lakala's ten years' business experience in finance".

Sun is aiming to incorporate the wristband into a platform, compatible with various NFC cards in the future.

The wristband and its companion app can also become client software and hardware for the group's other financial services, according to Lakala. With expanding business in financial management and the credit market, the company expects to reach a trading volume of 2,500 billion yuan this year.

Du Han contributed to the story.