Westpac will also collaborate with well-known Australian designers to make its cheap PayWear wristbands more fashionable, and compete with more expensive solutions from the likes of Apple and Samsung. The bank also revealed one in every four Australians had lost or had their wallet stolen at the beach, almost half of all women have hidden cash in their bras, and more than one in three men have stuffed cash into their socks or underpants for security. Well-known surfboard designer Hayden Cox, who will design a capsule collection for Westpac, has been testing its PayWear Essentials band. Picture: Christian GillesSource:News Corp Australia Westpac consumer bank group chief executive George Frazis said basic PayWear Essentials wristbands, to launch in December, would offer a solution to tech-savvy Australians who wanted to make payments on the go without worrying about where to stash their cash or how to afford a smartwatch. “With PayWear, there is no need to search through a bag, login to an app, or worry about battery life,” Mr Frazis said. “Australia has the highest contactless penetration in the world, and cards continue to replace cash as consumers demand convenience.” The PayWear silicon wristbands will feature an embedded chip that can make payments at tap-and-go terminals just like any debit card. The bank will initially offer the bands for free, and charge $5 in future. READ MORE: Smart sunglasses tested as the future of mobile payments The announcement came as Westpac revealed as many as one quarter of Australians had lost a wallet during a beach trip, according to its survey of more than 1200 adults. The research also showed eight in 10 people worried about security during beach visits, more than half of all Australians have been caught out without money while exercising, but 70 per cent said they would only wear a payment device if it suited their habits and personal style. An ING Direct customer using Apple Pay on their smart watch to pay for goods. Picture: SuppliedSource:Supplied To address the last issue, Westpac will team with well-known Australian designers, including Sydney-based surfboard designer Hayden Cox from Haydenshapes, to create more