India-based banking group Axis Bank recently announced it has launched its own range of wearable contactless payment devices, called Wear N’ Pay. Axis Bank reported it teamed up with Thales and Tappy Technologies to design and create the 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.”
Axis Bank further explained that the 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. While sharing more details about the wearables, Sanjeev Moghe, EVP/Head of Cards and Payments at Axis Bank, stated:
“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.”
Axis Bank went on to add that the Wear N’ Pay 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.