Bankwest has launched Australia’s first payment ring

Working with payments giant Mastercard, Australian lender Bankwest has launched the country’s first payment ring.

Around 10% of payments in Australia are made using digital technologies like wearables and smartphones, a figure forecast to reach 17% in five years’ time.

Costing $39 and with a transaction limit of $100, Halo is waterproof to 50m and works like a contactless bank card.

Cash as a payment method is on its way out of the Australian economy. Between 2010 and 2016, the proportion of payments made in cash dropped from 62% to 37%, now accounting for just 18% of the overall value of transactions.

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Bankwest Managing Director Rowan Munchenberg said the ring had been developed in response to the changing needs of customers: “Customers’ needs are always changing and in today’s digital world they increasingly expect smooth transactions that fit with their lifestyles, whether shopping online or in person.”

Mastercard Australasia’s Senior Vice President of Core and Digital Products Matt Barr is well-placed to comment on the country’s payments scene. In an exclusive interview with ANZ Business Chief, he observed: “It is certainly an interesting time for the Australian market. A lot of investment is being made in payment platforms, tokenisation platforms and ways to get customers embracing new digital experiences like P2P and push payments.

Last year Bankwest trialled a choice of wearable devices for colleagues and customers to use, and Halo is a result of the feedback generated from this phase of research.