The money-savvy tech from Heritage Bank you need to get your hands on today
It’s 7:56pm. You’ve raced down to the corner store to grab some milk before it closes, but a sudden shiver runs down your spine as you grope at your empty pockets for the keys and wallet you know you left back home on the kitchen bench. Uh oh.
While your chances of getting back inside may be slim, the recent emergence of wearable payment devices available to Aussie banking customers means that at least you won’t be left without milk anytime soon.
A number of wearables, such as Heritage Bank’s HOVA wristband that works just like a debit card on your wrist and Westpac’s similar PayWear offering, have emerged on the market in recent months to give Australian’s another payment choice to add to their existing arsenal of card, phone and even good old cash.
RELATED: Pay with your watch: Westpac pioneer PayWear
Unlike some of the existing wearable financial devices, both HOVA and PayWear are linked to customers’ bank accounts, which means users can tap using their own spending money (up to $100 without having to enter a pin), not just the funds they’ve pre-loaded onto the device.
“What’s different about HOVA is that it links directly to your Visa debit account, unlike other wearables that require users to load money onto a prepaid card,” said Heritage Bank CEO Peter Lock.
“The beauty of HOVA is that it works just like a Visa Debit card, but it’s conveniently strapped to your wrist like a watch. Because it contains a Visa payWave chip, it’s a great option for people who don't have the right kind of watch or who don't want to carry their phone with them.”
A May report from the Australian Payments Network indicated that wearable technology was fast becoming a popular form of payment option, especially given the decline of physical payment methods such as cash and cheque.
The report noted that nearly 15% of Australians now own a smart wearable device, with that figure predicted more than double to 37% by 2020.
Heritage Bank customers who want to snag a HOVA payment band of their own will need to be fast though, as the initial release is only available until the end of November.
In the meantime, head on over to the Mozo bank account hub to compare a range of convenient online banking options, or check out some of the great offers below:
Bank Accounts
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
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- 0% p.a.
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- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
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- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read reviews and learn more about ING bank accounts
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Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
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Balances from $1: 0.01% p.a.
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Glide Account
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Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
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Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
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Everyday Global Account
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Apple Pay, Google Wallet
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Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
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- What kind of card?
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Read reviews and learn more about HSBC bank accounts
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^See information about the Mozo Experts Choice Bank Account Awards
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