IndusInd Bank launches Indus ‘PayWear’ to facilitate contactless payments

By Gloria Mathias

IndusInd Bank has announced the launch of its contactless payment wearables, ‘Indus PayWear,’ an all-in-one tokenizable wearable for both debit and credit cards on Mastercard, with the offering to be extended to other card networks shortly.

Indus PayWear will revolutionise 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 the diverse preferences of customers, with an affordable price ranging from Rs. 499 to Rs. 2999.

Empowered by a 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 truly “all-in-one” 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.

Sumant Kathpalia, Managing Director & CEO of 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 their acceptance across the globe, we are glad to introduce Indus PayWear, which 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.”