Wearables continue to play an increasing role of importance in the financial sector. Although once considered to be a niche market, it seems consumers have shown an appreciation for this form of payment. Westpac is catering to this market by introducing their designer range of wearable payment accessories.

Westpac is trying to go with the times. That is a lot easier said than done for banks in the modern era. Consumers have very different preferences and demands compared to a few years ago. Surprisingly, wearable payment devices are all of the rage right now. So much even that the bank is rolling out their “designer” versions of these products.

An Interesting Approach by Westpac

These devices will be made available exclusively to Westpac clients. All units cost between $20 and $30, making them very affordable. Clients can choose between pins, bands, chains, and tags. It makes the tools very easy to use and take with oneself at all times. After all, their contactless nature of completing transactions has proven popular in Australia.

Westpac’s Jenny Melhuish adds:

“We know personal style and choice matters to our customers; in fact we’ve found 38% of Australians find style important when it comes to wearable devices, and 71% would use a wearable if it fits their personal style and lifestyle.”

It is quite interesting to see this new trend take off in such spectacular fashion. When banks get in on the wearables action, excitement is on the horizon. At the same time, it remains to be seen how consumers will respond to these new products in the future.


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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