The Private sector lender Axis Bank on Wednesday launched the India’s first contactless wearable payment device to allow the customer make on the go transactions more conveniently. It 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 was partnership with Thales and Tappy Technologies for to design and create these products, which are exclusively available on the MasterCard platform, it said in an official notification. The device is directly linked with customer’s bank account and the customers can purchase at any merchant location that accepts contactless transactions.
The Axis Bank said “this technique increases the number of digital payments users, and we see a big opportunity in contactless payments, which will continue to grow, given the post and present pandemic situation and the need for social distancing. The transactions up to Rs. 5,000 can be done without any PIN by device at a POS machine.