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.
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. 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. 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.