An Australian bank is trialling a new method of payment technology which could see the use of credit and debit cards eliminated altogether.
Bankwest announced that approximately 400 of its staff are trialling the use of wearable payment technologies, which include the use of either a wristband, key fob or a clip on their watch strap to make purchases.
The bank’s managing director, Rowan Munchenberg, said the 12-week trial would enable it to explore how it can adapt to meet “the quickly changing needs of our customers”.
“Our customers’ lives are so varied, and so we need to look at offering a range of payment methods that fit their lifestyles,” he said.
According to Bankwest, all of the trial participants volunteered to participate. They will provide detailed feedback on their experiences to help guide the potential rollout of the technology.
“We think we’ll see people starting to adapt to whatever comes to hand most easily,” Mr Munchenberg said.
The move continues the push into contactless payments, with card providers offering tap-and-go terminals and the major banks allowing contactless payments to be made using smartphones.