Earlier this week, Westpac unveiled ‘PayWear’, a new battery-free piece of wearable payment tech that will become available in December.
Australia already has the contactless payment penetration in the world, however Westpac are the first of the big-four banks to launch their own device. It represents a major move from one of Australia’s largest financial institutions to move away from wallets and smartphones.
“PayWear” contains a microchip and incorporates a silicone band and “keeper” which can be attached to a customer’s watch or fitness band. The device is linked with the customers everyday transaction account and contains the same ‘Tap n’ Go’ chip as standard Mastercard debit cards. It does not contain a battery and is fully waterproof.
The ‘PayWear’ range is set to expand over the next year or so with a PayWear “designer range” offering customers variations of the standard device that fits with their personal style.
The good news for Live eftpos merchants is that PayWear and Live eftpos are fully compatible, with the device able to be used on all contactless-enabled terminals which includes our VX 675 Portable device. So, keep an eye out – you may see one a funky new wristband touching your device sooner than later!
