IndusInd Bank on Monday (March 11) announced the launch of its contactless payments wearables, ‘Indus PayWear’. This is India’s first all-in-one tokenisable wearables for both debit and credit cards on Mastercard, with the offering to be extended to other card networks shortly, the lender said.
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Indus PayWear will facilitate swift and secure tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal across the globe.
The three versatile wearables, i.e. ring, watch clasp, and stickers, cater to diverse preferences of customers, with a price ranging from ₹499 to ₹2,999, the lender said.
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The Indus PayWear mobile app will allow the customer to switch between cards, thereby making it “All-in-One” wearable.
In addition, the app will provide transaction monitoring and management/blocking of the wearable device for enhanced security, the bank said.
Furthermore, Indus PayWear transactions will offer the rewards and security of the underlying debit or credit card.
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“While transactions below ₹5,000 will be done as a tap-and-pay using the wearable, transactions exceeding ₹5,000 will necessitate the added security of the PIN of the linked card to be entered on the PoS machine, as per RBI guidelines,” IndusInd Bank said.
