Westpac Launches PayWear, Its Own Mobile Payments Wearables
Westpac, a major Australian banking operation, recently made an announcement that got some eyebrows raised. In an era where some believe wearable tech to be little more than a niche market that never really got off the ground as it might have, Westpac is doubling down, bringing its mobile payments infrastructure to its own line of wearable devices known as PayWear.
PayWear devices will function much the same as any other; users can just wear the devices and use these with contactless terminals in a tap-and-pay sort of setup. However, PayWear is a little more versatile than the standard; basically, it boils down to a microchip that keeps all that payment information and the relevant infrastructure in place to operate it.
Users can insert the chip into a silicone band, or a platform called a “keeper.” Keepers can be attached to other watches, or even other fitness bands, to turn these into PayWear devices. Westpac is turning to Sydney surfboard shaper Hayden Cox for designs, and users will be able to get these starting in December.
Some reports suggest, however, that the PayWear system will be available for those who apply for a PayWear Card online through Westpac Live. There isn’t much word on whether or not existing cardholders will be able to get in on this, though it’s likely a safe bet that they will.
Westpac is taking quite a chance here. We’re in an era where wearable devices have a whole lot less impact than they were ever projected to have, and Westpac is designing and rolling out its own line. That’s a pretty big risk; one, why does anyone care about these devices, and two, why does anyone care enough about them to ditch their current mobile payments provider?
Sure, Westpac will likely get some interest here, especially from those who believe in their bank first and foremost when it comes to mobile payments. Westpac even went so far as to check on what their current customers wanted in wearables, finding most—70 percent—wanted something to match their personal style. This market isn’t likely to be big, though, so the net add in business here may not be enough to make this worthwhile.