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Private sector lender Axis Bank has introduced wearable contactless payment devices that will enable customers pay on the go.
Called ‘Wear ‘N’ Pay’, the devices come in the form of a band, key chain and watch loop, and are available at a fee point of ₹750.
Customers can wave it at a PoS machine for transactions up to ₹5,000, beyond which a PIN is required to complete the transaction. It also offers features including 10 per cent cashback, offers across dining partners, and fraud liability cover of up to 100 per cent of the purchase limit.
“Axis Bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform,” it said in a statement on Wednesday, adding that it 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.
Sanjeev Moghe, EVP and Head-Cards and 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 the payments industry in India.”
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