IndusInd Bank said they are starting something new called ‘Indus Paywear’. It’s a special thing you can wear to pay for stuff without touching anything.
It’s the first one in India that can work with both debit and credit cards, but only with MasterCard for now. They’ll make it work with other types of cards later.
Indus PayWear is going to change how people pay for things. It lets you put your IndusInd Bank credit or debit card onto a special wearable gadget with a chip.
This gadget makes it easy and safe to pay quickly by tapping it on a special machine, no matter where you are in the world. You won’t need to carry your physical cards or use payment apps anymore.
There are three different types of wearables: a ring, a watch clasp, and a sticker.
They all come at affordable prices, ranging from Rs 499 to Rs 2999, so everyone can find something they like.
With the help of a special phone app, Indus Paywear lets you easily set up your card on the wearable device by yourself. This app also lets you switch between different cards easily.
It’s like having all your cards in one place. Plus, the app helps you keep an eye on your transactions and can block the wearable if needed to keep it safe.
Indus Paywear is made with safety in mind. It uses a fancy technology called tokenization to keep your card details safe every time you use it to pay.
Also, when you use Indus Paywire, you get the same rewards and safety as using your regular debit or credit card.
If you spend more than Rs 5000, you can just tap your wearable to pay easily.
But for bigger purchases, you’ll need to enter a PIN number on the machine to make it more secure, as per RBI guidelines.
Mr. Sumant Kathpalia, who is the Managing Director and CEO of IndusInd Bank, talked about this.
He said, “At IndusInd Bank, we always try to bring new and creative ideas that can help make digital payments easier for everyone.
We’re happy to introduce Indus Paywire because contactless payments are becoming popular worldwide. This shows our strong commitment to making payments safe and easy for our customers.”
