India's Axis bank has rolled out a range of wearable devices for contacless payment transactions. Dubbed 'Wear 'N' Pay', the program enables customers to leave their wallets at home and use payment bands, key fobs, or loops to make payments on the go.
The bank is using technology from Canada's Tappy Technologies embedded with a secure payments chip supplied by Thales. The bank-branded wearables come at a price point of $10 and can be bought online or in Axis branches. Sanjeev Moghe, EVP & head - cards & payments, Axis Bank says: “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 programme 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.”