Here’s how often Bankwest customers are actually using Halo rings
The Bankwest Halo ring was launched by the bank as a payment option one year ago.
Bankwest has analysed the spending habits of customers with both a Bankwest Debit Mastercard and a Bankwest Halo ring and found that they are using the Halo Ring for more than a quarter (28%) of their purchases.
The Halo Ring was released as a payment option for Bankwest transaction account holders in January 2018. It was the first bank to offer customers a ring enabled with Near Field Communication (NFC) technology, allowing wearers to make contactless payments with it. Banks and fintechs have also introduced other wearable payment devices such as Westpac's PayWear tech and payment accessories, and also the INAMO Curl.
Bankwest executive general manager of customer solutions and insights Pieter Vorster said the speed at which the Bankwest Halo has become the norm shows how flexible Australians are in the way we pay.
"The popularity of the Bankwest Halo, coupled with the 88% increase in logins to our mobile app that we've seen over the last three years, clearly shows how Australians are adapting to today's digital landscape with some of the highest adoption rates in the developed world," Vorster said.
There are a few factors that are driving the take-up of contactless payments using a wearable payment accessory such as the Halo ring. According to Bankwest, convenience seems to be a driver for customers to choose to make payments using their rings. Over the busy Christmas period in December 2018, payments made using the Halo Ring increased, accounting for 38% of all debit transactions.
Another factor is accessibility. The simplicity and ease of use for NFC-enabled payment accessories can help people with a disability maintain a level of independence. Bankwest customer Helen, a mother of two who was diagnosed with the rare neurodegenerative disease Multiple System Atrophy (MSA), said the Bankwest Halo ring has made paying for things simpler.
"Because of my condition I sometimes struggle to pay for things when I'm out," she said. "Having to carry a bag or trying to get cards out of my purse can be difficult."
"The Bankwest Halo has made paying for things so much more simple – I love it."
Vorster said there were obvious patterns in how customers used and experienced the Bankwest Halo.
"When the ring first arrives in the post it seems, perhaps understandably, the customer is a little wary and will test the waters by buying a few low-value items at first," said Vorster.
"But, after a few days, they're getting used to it and the value of the transactions they make go up and soon it becomes their main method of paying at the till."
These new findings come off the back of Bankwest's announcement to offer digital credit cards and its new adoption of Apple Pay.