Bank has introduced ‘Indus PayWear,’ in collaboration with Mastercard. The bank has stated that this is the country’s first all-in-one tokenisable wearables for both debit and credit cards. The offering aims to enable users to tokenise their IndusInd Bank cards onto a chip-enabled wearable device.
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.
The ‘Indus PayWear’ collection offers users a choice between three wearable options: a ring, a watch clasp, and stickers, with prices ranging from Rs 499 to Rs 2,999, accommodating a variety of styles and preferences. To manage these devices, IndusInd Bank has also introduced a dedicated mobile application that enables users to easily add their cards to the wearable and switch between them as needed.
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.
Transactions below Rs 5,000 can be seamlessly conducted as tap-and-pay using the wearable. However, for transactions exceeding Rs 5,000, the PIN of the linked card must be entered on the PoS machine in accordance with RBI guidelines.
