Following this announcement, the Indus PayWear tool will be available for both debit and credit cards, as the company aims to enable customers and users to tokenise their IndusInd Bank cards onto a chip-enabled wearable device.
In addition, Indus PayWear was developed in order to deliver optimised, secure, and efficient flexibility, convenience, and transparency to customers and users. Mastercard’s suite of solutions and expertise will be leveraged in order to allow clients to choose between payment methods and make transactions using their favorite wearable device. Both companies will focus on the process of remaining compliant with the regulatory requirements and laws of the industry while meeting the needs, preferences, and demands of users at the same time.
Throughout the launch of the Indus PayWear, customers and clients will be enabled to access multiple benefits. This includes swift and secure transactions, as the Indus PayWear facilitates the tap-to-pay type of transactions at any contactless Point-of-Sale (POS) terminal around the globe. The process eliminates the need for physical cards and payment applications, while users will be enabled to securely make purchases with ease and efficiency.
The wearable solutions are powered by a dedicated mobile application, which will allow customers to set up their cards on the wearable device, as well as easily switch between cards using the app. Indus PayWear will also prioritise security with optimised tokenisation technology, which replaces actual card details and information with `tokens` for every payment. This process is expected to ensure the safety and security of each transaction that was conducted through the wearable.
In addition, the Indus PayWear solution will include three options for customers – a ring, a watch clasp, and stickers. This will cater to diverse client preferences, while the transactions made through the service will offer customers rewards and security benefits that are associated with the underlying debit cards and credit cards. The wearable will be priced affordably, ranging from approximately USD 6.03 to USD 36.20 (INR 499 to INR 2.999).
Transactions that are below USD 60 (INR 5000) can be conducted as tap-to-pay by leveraging the Indus PayWear solution. When it comes to payments that exceed this sum, the PIN of the linked card is required to be entered on the POS machine in order for the transaction to take place, in accordance with RBI guidance.
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