Axis Bank, country’s third-largest private sector bank, has stepped up their game in the contactless payments segment by launching its own range of wearable contactless payment devices, thus, making payments truly on-the-go and convenient for its customers. Axis Bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.
With the launch of its wearable devices brand, ‘Wear ‘N’ Pay’, 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. These devices come in a variety of accessories like band, key chain and watch loop that factor in practical usage and are available at a fee point of Rs. 750, making it affordable for customers.
The wearables are directly linked to the customers’ bank account and function like a regular debit card. 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.
Commenting on the launch, 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. 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.”
Emmanuel de Roquefeuil, Vice President and Country Director, Thales, India, said: “Thales has always been a key driver to launch innovative and secure digital solutions. 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 as well as possible through this fast evolving payment ecosystem.”
Vikas Varma, COO-South Asia, Mastercard, said: “Mastercard is constantly innovating technologies that securely and seamlessly integrate contactless payments into people’s day-to-day lives. We are happy to partner with Axis Bank in launching this new form factor with the highest standards of safety and security, combined with a quick and convenient payment experience. Given that the wearable tech space is an integral part of driving contactless payments, this launch and partnership is a further testimony to Mastercard working towards building a secure and inclusive payments ecosystem.”
Whether one is out for a jog, visiting a grocery store or simply going out for coffee, these devices make sure there is no fumbling around for a wallet or a phone. These devices are easy to carry around, and blend seamlessly into the users’ daily lives with minimum intrusion. All one needs to do is wave at a POS machine for transactions up to Rs. 5000, beyond which a PIN is required to complete the transaction. 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* .