Customers at Australia's Bankwest now have the ability to join a waiting list to purchase the financial institution's contactless payments ring, according to local reports.

The ring, which costs $39, is Bankwest's first foray into wearable payments.

Bankwest tested wearable payments last year when it used 400 staff members to make payments with a key ring fob, a wristband and a clip that was attached to a wristband or watchband.