In a bid to encourage the mainstream adoption of cashless transactions, India-based banking group?Axis Bank?launched its own range of wearable contactless payment devices, called?Wear ‘N’ Pay.
The launch makes Axis Bank the first bank in India to introduce wearable devices that can be also incorporated into existing accessories for contactless transactions on the go.
Jointly developed by electrical systems designer Thales Group, wearable payments innovator Tappy Technologies and payments infrastructure provider Mastercard, the bank-branded wearables will be directly linked to a customer bank account and can be used like a debit card, the bank said. “All one needs to do is wave at a POS machine,” it added.
Available at a nominal fee of ?750 ($10), the devices come in a variety of accessories like a payment band, key?fob?and watch loop factoring in practical usage and can be bought online or in Axis branches.
Commenting on the rise of the contactless payment sector, executive vice president and, Axis Bank head of cards and payments Sanjeev Moghe 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 the payments industry in India.
“To tap into this market, our Wear N Pay programme 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.p>
Sharing the same sentiment, Thales India vice president and country director Emmanuel de Roquefeuil added, ?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 through this fast-evolving payment ecosystem.”
The Wear ‘N Pay program also provides a host of features for users including 10% cashback across its dining partners as well as a fraud liability cover up to 100% of the purchase limit.
The launch comes after the Reserve Bank of India increased the threshold for contactless payments in India from??2,000 ($27) to??5,000 ($68) per transaction.
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