Correct Answer :   IndusInd Bank

IndusInd Bank has set a new standard in digital payments with the launch of 'Indus PayWear,' India's first All-in-One tokenisable wearables for credit and debit cards. This offering, initially exclusive to Mastercard, is poised to transform the payment landscape by eliminating the need for physical cards or payment apps for transactions.

Indus PayWear introduces a range of payment accessories, including rings and watch clasps, all secured through advanced card tokenization technology. With a price range from ?499 to ?2,999, these wearables cater to diverse customer preferences, providing an affordable and convenient payment solution.

The dedicated Indus PayWear mobile app empowers users with a Do-It-Yourself (DIY) experience, enabling seamless setup of IndusInd Bank debit and credit cards on the wearable device. The app facilitates easy card switching, making the wearable truly "All-in-One". Additionally, it offers features such as transaction monitoring and efficient management/blocking of the device for enhanced security.

The wearables are designed with paramount security in mind, utilising advanced tokenisation technology that replaces actual card details with unique 'tokens' for each transaction. This ensures the safety and security of every transaction conducted through Indus PayWear.

Indus PayWear transactions come with the same rewards and security features as the underlying debit or credit card. For transactions below ?5,000, a simple tap-and-pay mechanism is employed. However, transactions exceeding ?5,000 require the added security of entering the Personal Identification Number (PIN) on the Point-of-Sale (PoS) machine, adhering to Reserve Bank of India (RBI) guidelines.

Sumant Kathpalia, Managing Director & CEO of IndusInd Bank, said, “With the rapid growth of contactless payments and its acceptance across the globe, we are glad to introduce Indus PayWear that stands as a symbol of our unwavering commitment to shaping a seamless and secure future of payments for our customers.”

Gautam Aggarwal, Division President, South Asia, Mastercard, said, “Mastercard is pleased to collaborate with IndusInd Bank for its range of contactless wearables, Indus Paywear, that aims to deliver unparalleled flexibility, convenience, and security to users.”.

Source : Tech Circel