Axis Bank has unveiled three NFC (near-field communication)-enabled wearable tech to promote contactless payments in India. The Axis Bank Wear N’ Pay devices include a wristband, keychain and a loop and users can apply for them via Phone Banking or visit your nearest Axis Bank branch. Since the devices use the NFC tech, users can make payments by waving them near a POS machine. NFC enables wireless short-range communication between compatible devices without any internet connection.
In a blog post, Axis Bank explains that users can use the Wear N’ Pay tech as a debit card to make a contactless transaction. The devices are being issued as a supplementary payment device linked to the Savings Account. Axis Bank customers will need to pay a joining fee of Rs 750 (plus GST) and an annual fee of Rs 500 (plus GST). It is unclear whether users will get all three devices (keychain, loop, and wristband) under the aforementioned subscription fee. They all include a flexi-chip for NFC that enables contactless payments. Axis Bank also says that the daily purchase limit with Wear N’ Pay is set at Rs 1 lakh while transaction worth up to Rs 5,000 will require no PIN.
Customers will need the Axis Mobile app to set up a PIN code or enable the contactless payment option on the Wear N’ Pay devices. Go to Debit Cards under Services > Set / Reset Pin > Select Wear N’ Pay Device Number > Enter New Pin. Users can customise the transaction limit via the app as well. The company adds that the device has 3cm closer to the POS device to make payments. The bank has partnered with Thales and Tappy Technologies to design and create these products.
Notably, the State Bank of India in collaboration with Titan Company launched Titan Pay to enable contactless payment amid the COVID-19 pandemic. The watch also allows users to view time. Notably, several smartwatches and smartphones these days come with NFC tech to enable payments wirelessly. Readers can check the list of NFC-enabled smartphones on this link.