Payments News


Wearable payments: A gimmick that might take off

“Although the tap-and-go function is heavily utilised in Australia, less than 1 percent of contactless payments are conducted via mobile or wearable means. But that hasn’t stopped Australian financial institutions trying to make wearable payment options a “thing”. The Commonwealth Bank of Australia (CBA) allows payments via Garmin smartwatches and its New Zealand subsidiary ASB Bank offers payments using the Fitbit Ionic. Similarly, Australia and New Zealand Banking Group (ANZ) also offers the Fitbit payments solution, while the National Australia Bank (NAB) offers both Fitbit and Garmin pay.”