Around the world, telecommunication companies known as mobile network operators (MNOs) are launching a range of traditional and alternative payment services as they seek to enter the lucrative payments industry. On March 3, at Mobile World Congress 2015, Australian telecommunication network Optus announced it is launching a new service for payments via wearable devices, including smartwatches and wristbands, which will allow customers to make contactless payments with a flick of the wrist. The firm also unveiled a model of the “Cash by Optus Smartwatch.”
The move follows the November 2014 announcement of the launch of Cash by Optus, a prepaid contactless payment application that uses Near Field Communication (NFC) and Visa payWave technology to pay for cash purchases below $100. That service was limited to people using one of 20 compatible Android handset models with an NFC-enabled subscriber identity module (SIM) card, but the new service has far broader reach to consumers since it syncs with any Bluetooth enabled smartphone, including Apple iPhone.
