People in Australia are soon going to have any easy way to make payments when they’re on their morning run.
One of the big banks, Westpac, have announced that soon customers will be able to tap and pay hands free with their soon to be released PayWear device.
‘Australia has the highest contactless penetration in the world, and cards continue to replace cash as consumers demand convenience,’ said George Frazis, Westpac Group Chief Executive.
One of the big banks, Westpac, announced that customers will be able to tap and pay hands free with their soon to be released PayWear device (stock image)
The introduction of this device means that making payments will be less difficult as it sits on your wrist.
This means no longer storing cash in your sports bra or frantically looking through your bag for your wallet.
‘When speaking with customers, personal style and choice were important. In fact 70 percent agreed that they would only wear a wearable device if it suited their own personal style and lifestyle.
‘This is why we will collaborate with iconic Australian designers to create a variety of wearable accessory designs to suit different tastes, preferences and styles,’ George said.
The introduction of this device means that making payments will be less difficult as it sits on your wrist
A variety of leading Australian designers will be chosen such as surfers, fitness fanatics, parents and festival-goers, to create pieces for all kinds of Australians.
The silicon wristbands have an embedded chip which is able to make payments at tap-and-go stations like any ordinary bank card.
The announcement came after Westpac surveyed 1244 adults aged 18-55 to determine their payment and cash management behaviours.
A survey conducted by Westpac revealed that 49 percent of women stashed cash in their sports bra when going for a run
It also revealed that one in four Australians had lost or had their wallet stolen at the beach
It revealed that one in four Australians had lost or had their wallet stolen at the beach and almost half of all women have hidden cash in their bras.
Breaking this down further it showed that 49 percent of women stashed cash in their sports bra when going for a run, 65 percent did it on a night out and 45 percent when they went to a festival or an event.
All Westpac customers with an everyday banking account and who are eligible for a debit mastercard will be able to order a PayWear card online which can be inserted in the PayWear accessory.
The band will be available in December which the bank will initially offer for free before charging $5 in future.