IndusInd Bank, in collaboration with Mastercard, introduces ‘Indus PayWear,’ offering tokenised wearables for debit and credit cards. This innovative solution aims to enhance payment flexibility, convenience, and security for users.
1. Key Features:
Swift and Secure Transactions:
- Facilitates tap-and-pay transactions globally at contactless Point-of-Sale terminals, eliminating the need for physical cards or payment apps.
- Ensures secure purchases with ease for users.
Versatile Wearables:
- Offers three options: a ring, watch clasp, and stickers, catering to diverse customer preferences.
- Affordable pricing ranging from Rs. 499 to Rs. 2,999.
DIY Setup:
- Powered by a dedicated mobile application for easy card setup on the wearable device.
- Allows users to switch between cards seamlessly using the app.
Enhanced Security:
- Utilizes advanced tokenisation technology to replace actual card details with unique ‘tokens’ for every transaction.
- Ensures safety and security of transactions conducted through the wearable.
Reward Benefits:
- Offers rewards and security benefits associated with the underlying debit or credit card for transactions made through Indus PayWear.
2. Transaction Guidelines:
- Tap-and-pay transactions below Rs. 5000 can be seamlessly conducted using the wearable.
- For transactions exceeding Rs. 5000, entry of PIN on the PoS machine is required, adhering to RBI guidelines.