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IndusInd Bank Launches India’s First All-in-One Tokenizable Wearable for Contactless Payments


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On March 11, IndusInd Bank made an exciting announcement about the launch of their latest product, “Indus PayWear”. This innovative offering is being hailed as India’s first all-in-one tokenizable wearable for both debit and credit cards. While the initial release is exclusive to Mastercard holders, the private sector lender plans to expand the availability to other card networks in the near future.

The primary objective of Indus PayWear is to revolutionize the payment experience for users. By effortlessly tokenizing their IndusInd Bank credit or debit card onto a chip-enabled wearable device, customers can now enjoy swift and secure tap-and-pay transactions at any contactless point-of-sale (PoS) terminal worldwide. This eliminates the need to carry physical cards or rely on payment apps for purchases.

Indus PayWear offers three styles: ring, watch clasp, and stickers, with prices ranging from Rs 499 to Rs 2999.

To facilitate a seamless and user-friendly experience, the Indus PayWear mobile app allows users to easily set up their cards on the wearable device. Customers can switch between cards effortlessly, and the app also provides transaction monitoring and efficient management/blocking of the wearable device for enhanced security. The bank emphasizes the importance of security in the design of Indus PayWear, utilizing advanced tokenization technology that replaces actual card details with unique ‘tokens’ to ensure the safety and security of every transaction.

It is noteworthy that Indus PayWear transactions offer the same rewards and security as the underlying debit or credit card. For transactions below Rs 5000, a simple tap-and-pay function is sufficient, while transactions exceeding Rs 5000 require the added security of entering the PIN of the linked card on the PoS machine, in accordance with RBI guidelines.

Sumant Kathpalia, the Managing Director & CEO of IndusInd Bank, expressed his excitement about the product launch, stating, “At IndusInd Bank, it has been our constant endeavor to bring forth innovative propositions that can accelerate the shift to a friction-free digital economy. With the rapid growth of contactless payments and its acceptance across the globe, we are glad to introduce Indus PayWear that stands as a symbol of our unwavering commitment to shaping a seamless and secure future of payments for our customers.”

Gautam Aggarwal, Division President, South Asia, Mastercard, also commented on the collaboration, saying, “Mastercard is pleased to collaborate with IndusInd Bank for its range of contactless wearables, Indus Paywear, that aims to deliver unparalleled flexibility, convenience, and security to users. It is a fine example of how Mastercard leverages its expertise in tokenizing transactions based on individual requests and device specifications and allows consumers the power to choose between and make payments using their favorite wearable device”.

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