Bengaluru: In a first, private sector lender Axis Bank Ltd launched a range of wearable contactless payment devices called ‘Wear N Pay’. The device was jointly developed by electrical systems designer Thales Group, wearable payments innovator Tappy Technologies and payments infrastructure provider Mastercard.
The wearable will be directly linked to a customer’s bank account and can be used like a debit card, the bank said. ‘Wear ‘N’ Pay’ devices can be bought via phone banking or at any Axis Bank branch. To avail Axis’s ‘Wear ‘N’ Pay’ services, customers will have to open an account either online via video know-your-customer, or visit their nearest Axis Bank branch.
The devices are available in a variety of form factors such as band, key chain and watch loop, with prices starting at ₹750, Axis Bank said. “With an increasing number of digital payments users, we see a huge opportunity in contactless payments. 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 payment on the go. These devices are designed in a way that it becomes a part of our daily lives, thus increasing adoption of cashless transactions,” said Sanjeev Moghe, executive vice president and, head, cards and payments, Axis Bank.
The Reserve Bank of India (RBI) increased the threshold for contactless payments in India from ₹2,000 to ₹5,000 per transaction, starting 1 January. National Payments Corp. of India chief Dilip Asbe had said 70-80% of retail payments volume in India is UNDER the ₹5,000 range.
“We are glad to support Axis Bank with this innovative contactless payment experience in India. 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,” said Emmanuel de Roquefeuil, vice president and country director, Thales India.