Private sector lender Axis Bank on Wednesday launched the country's first contactless wearable payment devices to allow customers make on-the-go transactions more conveniently.
Announcing the 'Wear N Pay' wearable devices brand, Axis Bank said it is the first bank in India to offer such a service.
The bank has partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform, it said in a release.
The wearables are directly linked to the customers' bank account and function like a regular debit card.
Customers can do their purchases at any merchant location that accepts contactless transactions.
"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," Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank said.
The devices comes at a budget friendly price point, offering a safe and secure mode of payments on the go, he said, hoping the product would be an attractive value proposition for the users.
The devices -- in the form of watch loop, key chain and band -- can be availed for an annual fee of Rs 750 and subsequently Rs 500 an year.
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.
"Mastercard is constantly innovating technologies that securely and seamlessly integrate contactless payments into people's day-to-day lives.
"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," Vikas Varma, COO-South Asia, Mastercard said.
The bank said 'Wear N Pay' devices can be purchased via phone banking or at any Axis Bank branch.
Non-customers can acquire the device by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch.
Transactions up to Rs 5,000 can be done without any PIN by waving the device at a PoS machine.
Photograph: Kind courtesy Axis Bank