Axis Bank launches India's first wearable contactless payment devices at ₹750
Axis Bank's new 'Wear N Pay' devices are available in a variety of accessories like band, key chain and watch loopThese wearable devices can be worn easily to carry out contactless transactions on the go
Axis Bank became the first bank in India to launch its own range of wearable contactless payment devices. Dubbed as ‘Wear N Pay’, these wearable devices are directly linked to the customers’ bank account and function like a regular debit card. India's third largest private lender joined hands with with Thales and Tappy Technologies to design these affordable wearable products, exclusively available on the Mastercard platform.
How it works
Axis Bank's new 'Wear N Pay' devices are available in a variety of accessories like band, key chain and watch loop. Users do not need to carry their smartphone and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.
Customers can use these devices at any merchant who accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to ₹5,000. For transactions of more than ₹5,000, a PIN is required. Axis Bank account holders can purchase the wearable devices at a price of ₹750 from their nearest branches.
"The program also provides a host of features for its customers, which include 10% cashback, offers across Dining partners as well as a fraud liability cover up to 100% of purchase limit," the lender added.
"Contactless payments are the future of payments industry in India. To tap into this market, our Wear ‘N’ Pay program brings in convenience in contactless payments at a budget friendly price point, offering a safe and secure mode of payments on the go," said Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank.
"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. We are confident that the ‘Wear ‘N’ Pay’ program would be an attractive value proposition for our customers," he added.
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 and accompany them as well as possible through this fast evolving payment ecosystem."
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