IndusInd Bank has unveiled ‘Indus PayWear,’ a groundbreaking range of contactless payments wearables, marking a significant leap in the realm of digital transactions in India. Exclusively powered by Mastercard, ‘Indus PayWear’ offers users the convenience of tokenizing their debit and credit cards onto chip-enabled wearable devices, revolutionizing the payment experience.

With ‘Indus PayWear,’ customers can swiftly and securely conduct tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal worldwide, eliminating the need for physical cards or payment apps. The wearable range includes versatile options such as rings, watch clasps, and stickers, catering to diverse customer preferences at an affordable price ranging from Rs. 499 to Rs. 2999.

Empowered by a dedicated mobile application, ‘Indus PayWear’ allows users to effortlessly set up their cards on the wearable device. The mobile app facilitates seamless switching between cards, making it truly “All-in-One.” Moreover, it offers transaction monitoring and efficient management/blocking of wearable devices to enhance security. Advanced tokenization technology ensures the safety and security of transactions by replacing actual card details with unique ‘tokens.’

Transactions made through ‘Indus PayWear’ inherit the rewards and security features of the underlying debit or credit card. While transactions below Rs. 5000 can be completed seamlessly with a tap-and-pay, transactions exceeding this limit require the additional security of entering the PIN of the linked card on the PoS machine, adhering to RBI guidelines.

Commenting on the launch, Mr Sumant Kathpalia, Managing Director & CEO of IndusInd Bank, expressed the bank’s commitment to driving a friction-free digital economy through innovative solutions. He stated, “With the rapid growth of contactless payments and its acceptance across the globe, we are glad to introduce Indus PayWear which 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, emphasized the collaboration’s significance in delivering unparalleled flexibility, convenience, and security to users. He stated, “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 favourite wearable device.”