Wearable payment tech usage goes into summertime overdrive

3 February 2020

Bankwest Halo, Australia's first wearable payment ring, celebrates second birthday with bumper usage stats

New Bankwest research on spending habits reveals a growing level of comfort with wearable payment technologies in Australia and a massive upsurge in their use in December and January.

Analysis of the past 12 months' usage of Bankwest's Halo payment ring (launched in Jan 2018) shows a dramatic increase in customers' reliance on the wearable technology by more than 200 per cent over Christmas.

The analysis also shows how Australians are becoming gradually more comfortable with using wearable payment technologies to meet their spending needs in their everyday lives.

In 2019, customers with both a Bankwest Debit Mastercard®1 and Bankwest Halo ring2 used the ring for more than a third (36%) of all their purchases, up from 28 per cent in 20183, with 31 per cent of the total value of all payments made at an EFTPOS terminal in 2019 being made with the ring4.

Bankwest Executive General Manager Technology and Transformation Andy Weir said the research aligned with the existing trend of Australians being early adopters of new technologies.

"The use of the Bankwest Halo, coupled with a 90 per cent increase in app logins in the past five years, shows how Australians adapt quickly to our rapidly changing digital world," he said.

"When we first launched the Bankwest Halo we knew one of its main drawcards was its convenience, because it's always at hand – literally – it's hard to lose and doesn't need charging.

"Australian consumers expect ease and convenience when shopping and spending, and wearable tech fits in seamlessly with our lives, especially at busy times of year like Christmas."

Bankwest Halo usage spikes - Dec 2019/Jan 2020

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Date5 Increase compared to annualised average for that weekday (%)
Friday 27 December 2019 202
Thursday 2 Jan 2020 118
Tuesday 28 January 2020 71
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1 Debit Mastercard is only available to Australian Citizens, Permanent or Temporary Residents over 16 years of age with an Australian residential address. Overseas ATM fees and foreign transaction fees may apply. PIN is also required. Daily ATM withdrawal limit of $2000 AUD applies. Mastercard and the Mastercard brand mark are registered trademarks of Mastercard International Incorporated.

2 The Bankwest Halo ring is a payment device which must be linked to an eligible Bankwest account. For eligible transaction accounts you should consider the PDS (available from bankwest.com.au) and whether the product is right for you. Eligibility criteria and terms & conditions apply.

3 Refers to purchases made with a Bankwest Halo ring linked to a transactional account, in person on an EFTPOS machine by customers who own both a Bankwest Debit Mastercard® and a Bankwest Halo.

4 Refers to the value of all purchases made with a Bankwest Halo ring linked to a transactional account in 2019 compared to the value of all debit account purchases made via an EFTPOS machine (whether with a card, smart phone, smart watch or Bankwest Halo ring) in 2019.

5 Refers to the date the transaction processed in Bankwest’s systems, typically two to three days after the physical transaction occurred.

 

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