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Westpac launches "PayWear", wearable payment devices

Westpac launches “PayWear”, wearable payment devices

(27 October 2017 – Australia) Westpac has announced the launch of payment-enabled wearable devices that will allow customers to "tap and pay" across all contactless-enabled terminals.

Available from December, customers who apply for a PayWear Card online via Westpac Live will be able to insert a provided microchip into devices such as a silicone band and a "keeper", which can be attached to an existing watch or fitness band, and linked to their everyday transaction account.

Westpac's "designer" range is due to be available to customers in early 2018, and is reminiscent of the social media-based Westpac Keyboard -- which was shortly removed from iOS devices in July at the request of Apple. The bank is touting the new tech as more convenient for customers.

"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," Westpac Group chief executive of Consumer Bank George Frazis said.

"When speaking with customers, personal style and choice were important. In fact, 70 percent agreed that they would only wear a wearable device if it suited their own personal style and lifestyle."

Surfboard shaper and Sydney-based entrepreneur Hayden Cox will design the first range of products for Westpac PayWear, with further Australian designers expected to be "hand-picked to speak to a wide mix of everyday Australians".

According to Cox, his designs are ideally shaped for customers that want a payments device with a "little more flavour".

"This product signals an inevitable and innovative progression of our everyday routines," he said.

The announcement follows Big Four rival, Commonwealth Bank of Australia (CBA) recent announcement that it will be allowing customers to make payments using their Garmin smartwatch.

Meanwhile CBA's wholly-owned New Zealand subsidiary ASB Bank earlier this month announced the availability of payments via Fitbit Ionic, allowing customers with the wearable giant's new smartwatch to pay via a watch tap.

Similarly, ANZ also went live with the Fitbit payments solution this month. The addition of this services extends ANZ’s digital offering across the majority of Australia’s mobile payment market, including Apple Pay, Android Pay and Samsung pay. The bank also announced a partnership with eftpos and Apple to provide mobile payments via Apple Pay.

Other thank ANZ, the other major banks are yet to agree to a deal with technology giant Apple to offer its payment solution to customers. However, National Australia Bank’s New Zealand subsidiary, Bank of New Zealand, recently announced that it will rollout Apple Pay to its customers.

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