Whether you’re heading down to the beach for an early morning swim or off on your Saturday morning bike ride, finding the space for a wallet or cash has been a constant bane for active Aussies - especially when many are keen to refuel with brekkie or a coffee.
Thankfully, bcu may have come up with a solution.
The credit union is the latest institution to offer Australian banking customers a wearable payment device, with the launch of the bcu ActivePay wristband last month which is free for both new and existing bcu customers.
According to bcu’s Product Manager Richard McShane, the waterproof ActivePay can act as a great payment alternative for many bcu members, especially those who live an active lifestyle.
“Given our predominantly coastal locations, many of our members enjoy outdoor activities such as surfing and cycling, making the wearable tech the perfect accessory to take with them instead of their wallets, when they grab a coffee afterwards,” he said.
Available to bcu Access and Advantage Saver account holders, the payment band works in the same way as a regular debit debit card - allowing tap and go purchases under $100 and purchases of up to $2,000 when using a pin.
Where are wearables heading?
The release of bcu ActivePay comes amid a rise in the adoption of both wearable and mobile payment technology from Australian financial institutions, with a number of other banks having released similar products in the last six months.
Included among the list is BankWest which released an Australian-first payment ring - named Halo - that recently took out a 2018 Mozo Experts Choice Banking Innovation Award.
Research from global intelligence and digital media provider RFi Group found that in some markets more than 20% of consumers owned wearable technology such as a Fitbit, with suggestions that consumers are increasingly keen to use their devices in other areas of their lives.
According to Alex Boorman, Head of Payments at RFi Group, the flexibility and ease that comes with wearable payment devices could even make them a more attractive alternative to mobile payments in some domains in the future.
“If there is one critique that can be aimed at mobile payments it is that the user experience of tapping a phone against a payments terminal does not vastly improve upon the experience of doing so with a card particularly when there can be reliability issues to contend with,” he said.
“The phone still needs to be found in a pocket, handbag etc. removed and tapped against the terminal. In contrast, in in-store environments, wearable devices offer a more seamless, fluid payments experience.”
Interested in a wearable device like bcu’s ActivePay? Get acquainted with the Access Account first, or to compare a range of other convenient banking options head over to the Mozo bank account comparison hub today.