Whether you’re out for a jog, at the beach or balancing groceries and kids, your wallet or phone isn’t always easy to get your hands on. Bankwest Halo is the latest in wearable payment tech. It works exactly like your contactless cards, just grab the things you need, fist-bump the terminal and go. Plus, it’s backed by the same Zero Liability Protection that applies to Bankwest range of debit Mastercards®, so you can shop with confidence.
Bankwest Australia has launched a new way for consumers to pay in the form of the ‘Halo’ ring; a piece of wearable technology linked a Bankwest transaction account. Halo wearers will be able to use the ring to make contactless tap and go payments. Bankwest Executive General Manager of Technology and Transformation, Andy Weir, describes the Halo as a product of “new technologies and new ways of working, to meet changing customer needs”. The Halo is priced at $39, is waterproof up to 50 metres, comes in black and white, has identical security features as a Bankwest Mastercard.
Furthermore, unlike some other wearable payment devices, the ring doesn’t require charging and doesn’t need to be linked to a smartphone to operate.
How Contactless Payments “Halo” works?
All this could be set to change with the release of payment rings in Australia, however. As the name implies, these are fashion accessories for your finger that allow you to tap-and-go at POS terminals. It’s the same technology that’s in NFC-enabled mobile banking apps – except you don’t need any software, batteries or a phone to make it run.
To make a payment, the ring draws power from the contactless reader on the payment terminal – which means you never need to worry about replacing batteries or charging the ‘device’. According to Bankwest, the ring works best when you make a fist directly above the payment terminal. You should then hear a familiar beep indicating that the payment went through.
27/4 Fraud Protection.
No Charging Required.
What about “Halo” Security?
As with other contactless payment methods, transactions that exceed $100 require the user to enter their PIN into the terminal. In any event, the ring comes with 24/7 fraud protection that’s identical to a regular Bankwest Mastercard. Plus, it’s backed by the same Zero Liability Protection that applies to Bankwest range of debit Mastercards®.
Which Age Group Using More contactless payments “Halo”?
MasterCard’s Australasia Senior Vice President for Core and Digital Products, Matt Barr, expects to see more wearables enter the market throughout the year as consumers begin to demand different payment options for different situations.
RFi Group data from November 2017 highlights increasing preference for contactless payments, with 52% of Australians now preferring contactless over chip and PIN.
Click to Buy the contactless payments “Halo Smart Ring”