Bankwest Tries Bringing Wearable Mobile Payments Back

January 31, 2024         By: Steven Anderson

It’s safe to say, now that we’re well into 2018, that the wearable technology craze did not catch on. There were stirrings that one day the wearable device would replace the smartphone instead of just being largely dependent on it. That never took off, and smartphones still rule the roost. Some places are still trying, however, to capitalize on wearable’s utility, and one of the latest is Bankwest in Australia.

Bankwest rolled out its own smart ring recently known as the Halo, a nondescript piece of jewelry that runs a mere $39. Waterproof to 50 meters—about 164 feet, and that depth figure means it’s genuinely waterproof, not just water-resistant—and without need for either charging or a linked smartphone, the Halo allows users to simply wave their Halo-wearing hand at the payment terminal to conclude a transaction.

Since the Halo links to a Bankwest transaction account—and one that boasts the same level of fraud protection as one of the bank’s Mastercard issues—the system is as safe as a card would be, and possibly even easier to use.

Matt Barr, Mastercard’s senior vice president for core and digital products in Australia and Asia, noted “We expect to see more smart rings reach Australia this year and that’s great, because different payment methods suit different people at different times and we don’t want to dictate how people buy things. For me, I can’t think of a more convenient way than to tap something I’ve got on my hand while still enjoying the same security as if I was waving a plastic Mastercard.”

It’s a fairly clever application of wearable tech, and one that might well be used. Though some might question the notion of dropping $39 on something that effectively saves about 15 seconds a transaction—is it that hard to get out a card and swipe it?—there’s enough of the gee-whiz factor here to give it an edge in the marketplace. Since it’s focused on Australia, it might be a different matter too; every country has its own set of imperatives when it comes to the market.

Perhaps Halo can make a go of it after all, and if it does, give the whole wearable concept a little extra steam. Wearable may not be particularly active, but it’s not dead yet.