“The PayWear solution essentially revolves around a small chip called the “PayWear Card”, which can be inserted into a wristband or a small silicone token called the PayWear Keeper.”

Australian bank Westpac has bestowed IDEMIA with an innovation award for its efforts with PayWear, a wearable payments solution that bank offers to its customers.

The award was presented at Westpac’s recent supplier dinner, “in recognition for the success that the PayWear product has achieved since it was launched in late 2017,” according to a statement from IDEMIA.

The PayWear solution essentially revolves around a small chip called the “PayWear Card”, which can be inserted into a wristband or a small silicone token called the PayWear Keeper. With the chip inside, and linked to the user’s Westpac account, either device can perform contactless transactions via NFC technology.

Additional accessories to house the PayWear Card, designed by Sydney’s Hayden Cox, are ‘coming soon,’ according to Westpac’s website.

Commenting on IDEMIA’s innovation award, the company’s VP for Financial Institutions in APAC, Vincent Mouret, said that the wearable technology “fits really well with the Australian lifestyle, where people look for both convenience and security,” adding, “We are confident that this Westpac partnership will keep growing and meet new client needs in the future.”