Private sector lender Axis Bank on Wednesday introduced wearable devices to carry out contactless transactions. Accordingly, the bank launched its wearable devices brand, 'Wear 'N' Pay'.
The bank said the devices come in accessories such as a band, key chain and watch loop that factor in practical usage. It is priced at Rs 750. According to the bank, the wearables are directly linked to the customers' bank account and function like a regular debit card.
The bank said one only needs to wave at a point-of-sale (POS) machine for transactions up to Rs 5,000, beyond which a PIN is required to complete the transaction. The bank said the program includes a 10% cashback, offers across dining partners and fraud liability cover up to 100% of purchase limit.
"Axis Bank has become the first bank to introduce a new line of wearable devices that can be incorporated into existing accessories or worn easily to carry out contactless transactions on the go," the bank said in a statement.
"This allows purchases to be done at any merchant who accepts contactless transactions. Wear N Pay devices can be purchased via phone banking or at any Axis Bank branch. Non-customers can also enjoy Wear N Pay devices by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch,” it added.
The bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.
Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank said: “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 payments industry in India,” he said.
Not only are these devices contemporary looking, but are also designed in a way that it becomes a part of our daily lives, thus increasing adoption of cashless transactions for everyday requirements,” he added.