TheCable

Forget your card, there’s a new way to make payments. It’s called the Bankwest Halo, Australia’s first payment ring.

The waterproof ceramic ring has an inbuilt chip linked directly to your account.

The ring which has a secure microchip, works when the wearer hovers it over a sensor on a card reader, all you have to do is make a fist and hold it on the terminal to pay.

Bankwest Halo is the latest in wearable payment tech.

It’s backed by the same Zero Liability Protection that applies to our range of debit Mastercards®, so you can shop with confidence.

On the flip side, experts say it will encourage people to spend more.

According to professor Werner Soontiens of University of Notre Dame, people are less conscious of small transaction in terms of this $4 for a coffee doesn’t matter.

“If you do that for every day of the week, every week of the year, it adds up but people don’t think of every day of the year,” Soontiens said.