NEW DELHI: Private sector lender Axis Bank on Wednesday became the first bank in India to launch its own range of wearable contactless payment devices. These wearable devices are directly linked to the customers’ bank accounts and function like a regular debit card, allowing purchases at any merchant store which accepts contactless transactions. Users do not need to carry their smartphones and wallet for payments anymore, the bank said.
Christened ‘Wear N Pay’, these devices come in different forms of wearables—like a band, key chain, or watch loop—and are available at a price starting at `750. The devices also offer several features including a 10 per cent cashback, offers across dining partners, and fraud liability cover of up to 100 per cent of the purchase limit.
“With the increasing number of digital payments users, we see a huge opportunity in contactless payments, which will continue to grow, given the post pandemic situation and the need for social distancing. Contactless payments are the future of the payments industry in India,” said Sanjeev Moghe, executive Vice-President & Head-Cards & Payments, Axis Bank.
The bank has partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform, it said in a release. Axis Bank added that the ‘Wear N Pay’ devices can be purchased via phone banking or at any Axis Bank branch and transactions up to `5,000 can be done without any PIN by waving the device at a PoS machine.
Non-customers can acquire the device by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch. Commenting on the wearable devices, Emmanuel de Roquefeuil, Vice President and Country Director, Thales, India said, “The current time is apt to discover new secure payment methods and here contactless wearables arise as an optimal alternative. We look forward to unleashing the full digital potential of our customers”.