Australia-based Heritage Bank has announced it tapped into the next generation of wearable technology with a revolutionary solution. It has teamed up with local tailor MJ Bale and ad agency Whybin\TBWA to develop a ‘payweave’ suit made from the finest Australian merino wool.
The suit will enable contactless payments through the flick of a sleeve. A contactless payment chip is embedded into the sleeve with an antenna. As a result, low value payments can be made by users who brush their wrists against Visa payWave terminals.
The embedded chip is linked to a heritage account which can be monitored and reloaded via the bank’s mobile application.
Twelve dry cleanable prototypes named ‘power suits’ have been made so far with eleven sent to customers and one being put on eBay. At the time of publication it had over 25 bids; the winning bid was just over USD500. Proceeds will go to charity 4 ASD Kids.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more