Queensland’s Heritage Bank has embarked on a customer trial of a Visa’s wearable payment device.
Heritage has launched a wristband with an embedded chip that enables users to leave their wallet at home and make a purchase simply by “hovering” the device over a contactless payment terminal. The waterproof wristband links directly to a customer’s Visa debit account.
Forty Heritage Bank customers are now trialling the device until the end of this month, following a successful staff trial earlier this year.
CEO Peter Lock said Heritage aims to launch the product to the marketplace later this year.
Lock said Heritage continues to forge a reputation as a digital pioneer in the Australian banking sector, particularly through leveraging its market-leading expertise in cards and virtual payment technologies.
“It may come as a surprise to some that Heritage is Australia’s largest issuer of pre-paid cards, and issues around half the pre-paid travel cards in the country,” Lock said.
“As well as our new wearable device, we’ve also developed our own mobile phone contactless payment app, have just released a newly updated internet banking platform, and we’re currently upgrading all of our branches with new more digitally-focussed designs.”
Key information about Heritage’s wearable band:
- The band uses the same “tap and go “contactless technology as Visa debit cards with a chip securely inserted inside.
- Just like any other payWave transaction there is a $100 limit, although wearers can still use the band for transactions above that amount by entering a PIN.
- The payment band can be used wherever Visa payWave is accepted, in Australia or overseas.
- The band is linked to a customer’s everyday transaction account and operates as a Visa debit card.
- If the wristband is lost or stolen, the account can be immediately suspended or cancelled through the Heritage Bank mobile banking app, by visiting a branch or calling the contact centre.