Bankwest unveils new wearable payment method

Bankwest unveils new wearable payment method

Bankwest customers will soon be able to pay bills by scanning a ring they wear around their finger.

The Bankwest Halo will allow customers to ‘wear their wallet’, instead of having to carry an actual wallet or a mobile phone if they want to buy something.

The Halo (see photo below) will link to a customer’s transaction account and will work like a contactless payment card.

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“A payment ring can be used in the exact same way you use your debit card for contactless payments,” according to Bankwest.

“Instead of tapping your card on a contactless reader, you simply make a fist as if you’re going to knock against the payment terminal and hold it on the terminal until you hear the familiar beep. If your transaction is over $100, you will need to enter your PIN.”

Bankwest said Halo will launch in “early 2018”. It plans to charge $39 for the device, although some of the first Halos will be sold for just $29.

No app or charging will be required with the Halo, which will be water-resistant up to 50 metres.

Click here to watch a 60-second explanatory video.

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