A rubber band will let you tap and pay after a swim or surf

Australian telecommunications company Optus is pushing into the payment space with a rubber band that you can slap on your wrist to buy anything under A$100.

Using Visa Paywave technology, which is already commonplace in Australia, you can put the rubber band up to any terminal to pay for a product.

The "Cash by Optus" payment band, which comes in four colours and is free for the telco's customers, is simply a Near Field Communication (NFC) chip inside a rubber band which can be popped on your wrist. It officially launched in Australia on Thursday.