Bankwest has developed a ring that can be used to make tap-and-go payments.
It is the first product to come out of a trial of wearable devices Bankwest undertook last year. While the bank had tested a key fob, fitness-style wristband, and a clip attached to a wristband, feedback from the trial has led to the release of the Halo ring.
Halo uses the same NFC technology as a contactless payment card to allow users to make tap-and-go payments. Transactions over $100 will require a PIN. The ring is activated and managed via online/ mobile banking.
"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," Bankwest advises.
The ring is not available for credit cards or Bankwest Business transaction and FeeSaver Basic accounts.
It is waterproof to 50m, Bankwest said, and has a ceramic body. Each customer can get their ring sized.
The ring does not contain a battery; it draws power from the contactless reader on the payment terminal to make a payment.
Halo retails for $39, with a limited launch offer of $29, through Bankwest's online channels or in store for the bank's customers. Non-Bankwest customers need to sign up for a transaction account to be able to purchase the ring.
Lost rings can be temporarily locked through the user's Bankwest online or mobile banking platform.
“Our customers’ lives are so varied and this ring offers them complete freedom to pay wherever and however they want. The likes of cyclists, swimmers, surfers and joggers will love the Bankwest Halo’s convenience,” Bankwest head of brand and communications Nichole Banks said in a statement.