Bankwest turns to Halo ring for wearable payments

Bankwest customers in Australia may soon be making payments with a fist bump.

The bank is encouraging its customers to obtain a Halo payment ring to enable contactless payments at the point of sale through a clenched fist with the ring pointing at the POS sensors to initiate a payment.

Set for launch early this year, the Bankwest waterproof Halo ring will cost $39 as the bank targets active lifestyles, particularly those spending time on the beaches or swimming.

"Whether you're out for a jog, at the beach or balancing groceries and kids, your wallet or phone isn't always easy to get your hands on," the bank states on its website. "Bankwest Halo is the latest in wearable payment tech. It works exactly like your contactless cards, just grab the things you need, fist-bump the terminal and go."

The bank began testing wearable payment devices with 400 staff last year, repurposing debit and credit card chips into a key ring fob, a fitness-style wristband and a clip attached to a wristband or watchband and use for contactless payments.

The Halo ring will mark the bank's first commercial launch of wearable tech.