Axis Bank has become the first Indian bank to launch its own range of wearable contactless payment devices, dubbed as ‘Wear N Pay’. The bank has joined hands with Thales and Tappy Technologies to design these affordable wearable products, exclusively available on the Mastercard platform. These wearable devices, which are directly linked to the customers’ bank account, function like a regular debit card. India’s third largest private.
‘Wear N Pay’ devices, which are available in a variety of accessories like watch loop, band and key chain, can be purchased at a price of Rs. 750. Customers can use these devices at any merchant who accepts contactless transactions. Users only need to wave the device at a POS machine for transactions up to Rs. 5,000. For transactions of more than Rs. 5,000, a PIN is required.
Sanjeev Moghe, EVP & Head, Cards & Payments, Axis Bank, stated, “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.”
“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.