Indus PayWear by IndusInd Bank Qorus-Infosys Finacle Banking Innovation Awards 2024

Innovation Presentation IndusInd Bank is revolutionising contactless payments in India with Indus PayWear, its ground-breaking wearable technology designed for seamless and secure transactions. This product is India's first integrated payment wearable, and caters to the growing consumer demand for flexible, convenient and secure payment solutions. Indus PayWear offers a revolutionary method that enables lightning-fast, secure tap & pay transactions on the go, without the hassle of carrying phones or wallets.

Product Highlights ● Indus PayWear revolutionizes payments with lightning-fast, secure transactions on the go, without the hassle of carrying phones or wallets. ● It’s India’s first ‘Any Card, One Wearable’ offering, which can be used with any IndusInd Bank Debit/Credit Card. ● It can be linked and switched between debit and credit cards easily. ● Stylish and waterproof design; maintenance-free and no charging needed. ● Offers same security and rewards as the linked card. ● User-friendly Indus PayWear App provides complete control and a seamless experience. ● Check last 10 transactions on the wearable to manage finances. ● Block/unblock the wearable with a single click, ensuring safety.

Market Launch and Impact Indus PayWear is priced between Rs. 499 and Rs. 2999, making cutting-edge secured technology affordable. Since its launch, Indus PayWear has garnered ~40 million engagement on social media through various campaigns and influencer marketing. Customers have responded enthusiastically in terms of applications and usage. With an SPAC of ~17,000 and an ATS of ~1,400, Indus PayWear is significantly reshaping the landscape of contactless transactions.

Future Outlook ● Broader Implications: Indus PayWear leads the shift towards a cashless economy in India, offering convenient, safe, and secure digital payments. It provides the same rewards as the linked card and supports sustainability by reducing plastic waste. ● Long-term Vision: It aims to make wearable payments as routine as UPI transactions, pioneering convenience and integration in digital payments.

Indus PayWear represents a crucial step towards transforming India’s financial landscape by merging technology with everyday convenience, envisioning a tech-savvy and efficient future.