The bank launches Indus PayWear – India's first contactless wearables for both credit and debit cards
FinTech BizNews Service
Mumbai, March 11, 2024: IndusInd Bank today announced the launch of its contactless payments wearables, 'Indus PayWear,' India's first All-in-One tokenizable wearables for both debit and credit cards exclusively on Mastercard, with the offering to be extended to other card networks shortly.
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 will facilitate swift and secure tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal across the globe, eliminating the need for a physical card or even a payment app for purchases. The three versatile wearables, i.e. ring, watch clasp, and stickers, cater to diverse preferences of customers, with an affordable price ranging from Rs. 499 to Rs. 2999.
Empowered by a dedicated mobile application, Indus PayWear enables seamless DIY setup of the cards on the wearable by the customer. The Indus PayWear mobile app allows the customer to easily switch between cards, thereby making it a truly “All-in-One” wearable. In addition, the app provides transaction monitoring and efficient management/blocking of the wearable device for enhanced security. Security is paramount in the design of IndusPayWear, utilizing advanced tokenization technology that replaces actual card details with unique 'tokens’ to bolster the safety and security of every transaction conducted through the wearable.
Furthermore, Indus PayWear transactions offer the rewards and security of the underlying debit or credit card. While transactions below Rs. 5000 are seamlessly done as a tap-and-pay using the wearable, transactions exceeding Rs. 5000 will necessitate the added security of the PIN of the linked card to be entered on the PoS machine, as per RBI guidelines.
Speaking on the development, Mr. 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 favorite wearable device”.
