IndusInd Bank introduced ‘Indus PayWear,’ a new wearable payment solution, available on Mastercard. These wearables enable users to tokenise their IndusInd Bank cards for tap-and-pay transactions at contactless Point-of-Sale (PoS) terminals worldwide.
Also read: Why IndusInd Bank is a good buy
The company reported, with a mobile app, users can easily set up their cards on the wearable and switch between them. Advanced tokenisation technology ensures transaction security by replacing actual card details with unique ‘tokens.’ Transactions below ₹5,000 can be made with a tap, while those exceeding ₹5,000 require the PIN entry as per RBI guidelines.
Sumant Kathpalia, MD & CEO of IndusInd Bank, stated, “We aim to shape a seamless and secure payment future with innovations like Indus PayWear.” Gautam Aggarwal, Division President, South Asia, Mastercard, commented, “Indus Paywear delivers flexibility, convenience and security, reflecting Mastercard’s commitment to empowering consumers in the digital age.”
The shares were down by 1.18 per cent to ₹1,545.70 on BSE.