IndusInd Bank announce the launch of its contactless payments wearable ‘Indus PayWear’, said to be India’s first all-in-one tokenizable wearable for both debit and credit cards. This offering will be exclusively available for Mastercard holders now, but will soon be extend to other card networks as well.
IndusInd Bank said :
“Indus PayWear is all set to revolutionize the payment experience by allowing users to effortlessly tokenize their IndusInd Bank credit or debit card onto a chip-enabled wearable device,”.
This service will help facilitate swift and secure tap-and-pay transactions at any contactless point-of-sale (PoS) terminal across the globe, eliminating the need for carrying a physical card or using a payment app to make a purchase.
This payment wearables will be available in three styles, Ring, Watch Clasp and Stickers.
Price of these wearables lie between Rs 499 and Rs 2999.
The Indus PayWear mobile app will allow Indus PayWear users to opt for seamless DIY setup of the cards on the wearable.
This dedicated mobile application will also allow customers to easily switch between cards.
Also, this app provides transaction monitoring and efficient management/blocking of the wearable device for enhanced security.
IndusInd Bank explain :
“Security is paramount in the design of IndusPayWear, utilising advanced tokenization technology that replaces actual card details with unique 'tokens’ to bolster the safety and security of every transaction conducted through the wearable,”.
As Indus PayWear transactions will offer the rewards and security of the underlying debit or credit card.
And transactions below Rs 5000 will require a simple tap-and-pay function, transactions exceeding Rs 5000 will necessitate the adds security of the PIN of the link card to be enter on the PoS machine.
This provision has include as per RBI guidelines.
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said :
“At IndusInd Bank, it has been our constant endeavour to bring forth innovative propositions that can accelerate the shift to a friction-free digital economy. With the rapid growth of contactless payments and its acceptance across the globe, we are glad to introduce Indus PayWear that stands as a symbol of our unwavering commitment to shaping a seamless and secure future of payments for our customers.”
Gautam Aggarwal, Division President, South Asia, Mastercard, said :
“Mastercard is pleased to collaborate with Induslnd Bank for its range of contactless wearables, Indus Paywear, that aims to deliver unparalleled flexibility, convenience, and security to users. It is a fine example of how Mastercard leverages its expertise in tokenizing transactions based on individual requests and device specifications and allow consumers the power to choose between and make payments using their favourite wearable device”.
