Private lender Axis Bank has become India’s first bank to launch its own range of wearable contactless payment devices.
Titled as ‘Wear N Pay’, these wearable devices are directly synched with the customers’ bank account and function like a regular debit card.
For designing these products, the lender partnered with Thales and Tappy Technologies. These products to are exclusively available on the Mastercard platform.
Axis Bank’s new ‘Wear N Pay’ devices are loaded with a variety of accessories like band, key chain and watch
This device will give the users the liberty to not carry their smartphone and wallet for payments anymore.
“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,” the lender added.
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“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,” said Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank.
“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,” he added.
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Emmanuel de Roquefeuil, Vice President and Country Director, Thales, India said, “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.”
