On March 10, 2021, Axis Bank became India’s first bank after launching its own wearable payment device named ‘Wear ‘N’ Pay’, to make contactless transactions. It includes a variety of accessories like the band, key chain, and watch loop.
- Axis Bank partnered with Thales and Tappy Technologies to design and create these products and they are available on the Mastercard platform.
Process of Payment:
- The wearables are embedded with a Flexi-chip which is directly linked with the customer’s bank account and can be used like a regular debit card.
- To make cashless payments up to Rs. 5000 the customer has to wave/tap the payment devices against a POS (Point of Sale) machine and for above Rs.5000, a PIN number requires to complete the transaction.
- The PIN can be generated using the Axis app or Internet Banking
Benefits of ‘Wear ‘N’ Pay’:
- It provides a daily purchase limit of about Rs. 1,00,000 and there is no limit on the number of daily transactions.
- It offers 10% cashback, and a fraud liability covers up to 100% of the purchase limit.
- The devices are at an affordable price with a Joining fee of Rs. 750 and an Annual Fee of Rs. 500
Recent Related News:
On January 19, 2021, Axis Bank Ltd launched ‘AURA’, a credit card with health and wellness benefits at an affordable price for its users. The features of the card are powered by Poshvine, Decathlon, Practo, Fitternity, IndushealthPlus, 1MG, etc.,
About Axis Bank:
India’s 3rd largest private sector Bank
Commenced operations – 1994(founded – 1993)
Managing Director (MD) and Chief Executive Officer (CEO) – Amitabh Chaudhry
Headquarter– Mumbai, Maharashtra
Tagline– Badhti ka Naam Zindagi
