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.

“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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