Westpac has debuted its new range of “wearable, hands-free and battery-free” payment accessories, forgoing the need for consumers to reach for their wallet or smartphone.
Customers will soon be able to utilise Westpac’s new “PayWear”, which involves a silicone band and “keeper”, which can be attached to a customer’s watch or fitness band. It incorporates a microchip (PayWear Card), which is linked to the customer’s everyday transaction account.
The new wearable payment tech can be used in the same manner as a ‘tap-and-go’ debit card.
In addition to being battery-free, Westpac states the new payment accessories are also waterproof.
George Frazis, Westpac’s Group Chief Executive of Consumer Bank, states the new innovation will offer support and aid to the Australian lifestyle:
“Unlike many other wearable payment options, our customers don’t require an expensive device to access this technology. Customers will be able to get a PayWear Essentials accessory free of charge for a limited time, making it accessible to all our everyday banking customers”
“Australia has the highest contactless penetration in the world, and cards continue to replace cash as consumers demand convenience. We’re always looking for new ways to help make our customers’ lives easier, and with our new PayWear products, customers will be able to pay on-the-go, in one hands-free step”
“With PayWear, there is no need to search through a bag, login to an app or worry about battery life. It will be on the go with our customers and ready for use when they are”
Following a study which revealed that 70% of Australian consumers would only wear a wearable device if it met their personal style, the bank has decided to partner with a variety of Australian designers to develop diverse aesthetics.
Award-winning surfboard shaper and entrepreneur, Hayden Cox, has been nominated as the first Aussie designer to collaborate with Westpac’s new range of wearable tech.
Mr Frazis states of the bank’s decision to merge technology with style:
“When speaking with customers, personal style and choice were important. In fact, 70% agreed that they would only wear a wearable device if it suited their own personal style and lifestyle”
“This is why we will collaborate with iconic Australian designers to create a variety of wearable accessory designs to suit different tastes, preferences and styles”.
Hayden Cox affirms that the decision to collaborate with Westpac is a natural fit:
“Working with Westpac to create an exclusive range of wearable accessories which evolve the way people make contactless payments is exciting to me. This product signals an inevitable and innovative progression of our everyday routines”
“While some customers may opt for the simpler Essentials range, there is also a part of the market that will want something with a little more flavour. This is where the products I’m designing will sit”.
The bank states all customers with an everyday banking account and an eligible Debit Mastercard are able to order a PayWear Card online, which can then be easily inserted into a PayWear accessory to their preference.
Westpac’s PayWear Designer Range is scheduled to be available to consumers in early 2018.