IndusInd Bank has introduced 'Indus PayWear,' which, in collaboration with Mastercard, boasts to be the country's first all-in-one tokenisable wearables for both debit and credit cards. The company stated in a filing on the exchanges on Monday that this offering aims to enable users to tokenise their IndusInd Bank cards onto a chip-enabled wearable device.
Gautam Aggarwal, Division President - South Asia, Mastercard: "Indus Paywear aims to deliver unparalleled flexibility, convenience, and security to users. It is a fine example of how Mastercard leverages its expertise to allow consumers the power to choose between and make payments using their favorite wearable device."
Key features of Indus PayWear
Swift and secure transactions: Indus PayWear facilitates tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal globally, eliminating the need for physical cards or payment apps. Users can securely make purchases with ease.
Versatile wearables: The Indus PayWear range includes three options: a ring, watch clasp, and stickers, catering to diverse customer preferences. The wearables are priced affordably, ranging from Rs. 499 to Rs. 2,999.
DIY setup: This wearable is powered by a dedicated mobile application. Users can set up their cards on the wearable device and easily switch between cards using the app.
Enhanced security: Indus PayWear prioritises security with advanced tokenisation technology, replacing actual card details with unique 'tokens' for every transaction. This ensures the safety and security of each transaction conducted through the wearable.
Reward benefits: Transactions made through Indus PayWear offer rewards and security benefits associated with the underlying debit or credit card.
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Transaction guidelines
Transactions below Rs 5000 can be seamlessly conducted as tap-and-pay using the wearable. However, for transactions exceeding Rs. 5000, the PIN of the linked card must be entered on the PoS machine in accordance with RBI guidelines.
Sumant Kathpalia, MD & CEO, IndusInd Bank: "With the rapid growth of contactless payments, we are glad to introduce Indus PayWear that stands as a symbol of our commitment to shaping a seamless and secure future of payments for our customers."
