Axis Bank has revealed a range of wearable devices for contactless payment transactions. The ‘Wear ‘N’ Pay’ program allows the bank’s customers to use payment wrist bands, keychains, or loops (can be slid in existing watch) to wave them on a POS machine and complete the payment.
As per a report in Finextra, the bank is using technology from Canada’s Tappy Technologies embedded with a secure payments chip supplied by the Thales Group.
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 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.”
How do you get it?
The bank’s customers can get the device by visiting the nearest branch or by calling the phone banking service. There’s a joining fee of Rs 750 with added GST, apart from an annual fee of Rs. 500 (GST excluded).
Limitations
For transactions within Rs 5000, no PIN will be required. Maximum 5 transactions per day are allowed in this mode. There is no limit on transactions above Rs. 5000, but they would require a PIN. The overall daily purchase limit is set at Rs. 1 lakh.
Axis bank is also offering fraud liability cover up to 100% of purchase limit, in case of any unauthorized transaction. More details can be read here.
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