The bank’s Wear ‘n’ Pay range includes wristbands, keyrings and watch straps as well as devices that can be incorporated into existing accessories. They are available “at a fee point of Rs750 [US$10], making it affordable for customers,” Axis says.
“The wearables are directly linked to the customers’ bank account and function like a regular debit card,” the bank explains.
“This allows purchases to be done at any merchant who accepts contactless transactions.
“Wear ‘n’ Pay devices can be purchased via phone banking or at any Axis Bank branch. Non-customers can also enjoy Wear ‘n’ Pay devices by opening an account either online through video KYC or by visiting their nearest Axis Bank branch.”
The bank-branded wearables are manufactured by Tappy Technologies and include a secure, Mastercard-certified contactless payments module provided by Thales.
“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,” says Axis Bank’s Sanjeev Moghe.
“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.”
“We are glad to support Axis Bank with this innovative contactless payment experience in India,” says Emmanuel de Roquefeuil, Thales’ country director for India.
“The current time is apt to discover new secure payment methods and here contactless wearables arise as an optimal alternative.”
“The Indian mass market potential for contactless enabled wearables is significant and we see this expanding into use on India’s public transport systems in the future,” Tappy Technologies’ Suboor Ahmed adds.
“With Axis Bank’s forward-thinking initiatives and Thales’ innovative development in the wearable space, Tappy is extremely proud to be a part of this collaboration to bring wearables with contactless payment functionality to more people across the globe.”