Around 20,000 festival goers will be handed free UBank wristbands which utilise near field communication (NFC) technology to communicate with their social networks.

It is claiming to be the first bank to use the technology in such a way, starting with the Midsumma Festival in Melbourne.

Each wearer will be challenged to collect seven colours of the rainbow by locating UBank team members in the crowd, armed with an iPad representing a different colour.

Various prizes as well as $5,000 are up for grabs as part of the experiential campaign, with a fact from the bank’s People Like U website, which looks at the different spending habits of people in different cities and regions, shared on each participant’s Facebook wall.