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You Can Now Pay For Stuff With Simply A Wave Of Your Hand

New contactless payment system.

You Can Now Pay For Stuff With Simply A Wave Of Your Hand

There will be no more waiting in long lines for that early morning coffee with the newest addition to the 'contactless' payment family, the Halo Ring.

Australians take the lead when it comes to embracing these types of payment methods, such as ‘tap and go’, which has accounted for more than one-third of all retail transactions.

Bankwest is launching the $39 Halo smart ring which allows you to simply wave your hand over the counter to pay.

It is also waterproof up to 50 metres, doesn't require charging and isn't dependent on a linked smartphone, meaning you will never be left without your card again.

The Halo works with any payment terminal that accepts tap and go cards. It is also linked to a Bankwest transaction account and offers the same 24/7 fraud protection as a Bankwest Mastercard.

Matt Barr, Mastercard's Australasia senior vice president for core and digital products,a says that there is also an increased number of QR codes being implemented in Australian stores as another quick and easy 'contactless' transaction method.

"From a bank's perspective it's a much more simple transaction to process, as the consumer is sending money to the merchant rather than the merchant taking funds from the consumer's account, but the same fraud protections are in place," he said. 

Although QR payments are becoming increasingly popular, they aren’t predicted to beat other contactless transactions in Australia because of its high take-up and relatively low cost for merchants.

“Different payment methods suit different people at different times and we don't want to dictate how people buy things,” Barr said.

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