IDEMIA recognised by Westpac for “PayWear”, the wearable enabling convenient payments
IDEMIA, the global leader in Augmented Identity, has been awarded “Innovation Partner of the Year” by Westpac, Australia’s market leader in point of sale consumer and commercial finance.
At Westpac’s supplier dinner in presence of its core suppliers from various industries, IDEMIA received an Innovation award, in recognition for the success that the PayWear product has achieved since it was launched in late 2017.
Locally designed and developed by IDEMIA in Australia in close collaboration with Westpac, the Westpac PayWear is part of a new generation of payment wearables, made for everyday life. The device is waterproof, does not require recharging and is durable enough to be worn every day.
The success of PayWear in the Australian market is in keeping with the immense popularity of contactless payments, with over 85% of payments occurring over contactless interfaces, whether by card, mobile phone or the new wave of wearables.
The PayWear accessory includes a new card (similar to a mobile phone SIM card), a wristband and a “keeper”, a silicone pocket that can be attached to most watches or activity trackers. To pay, the customer simply taps the accessory wherever contactless payments are accepted and the transaction will be debited from their everyday bank account.
Using the same contactless technology as customer’s existing debit or credit card, Westpac PayWear means that customers can make purchases without the need for a wallet or a phone. In that respect, combined with the current Transport for NSW open-loop payments trial, a Westpac customer could pay to ride the ferry from the Sydney central business district to Manly, go for a swim at the beach and buy lunch afterwards… without even needing to carry a wallet!
This new type of payment wearable fits really well with the Australian lifestyle, where people look for both convenience and security. The ability to pay for a coffee or breakfast after a surf session, a workout or a bike ride is appealing to a broad section of the local community, and so far the feedback has been fantastic. We are confident that this Westpac partnership will keep growing and meet new client needs in the future.
IDEMIA has supplied and supported Westpac with the PayWear Contactless Chip along with wristbands, keepers and packaging. The wearable product is in addition to the supply of cards for Westpac, which IDEMIA has performed since 2013.
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