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Axis Bank introduces 'Wear 'N' Pay'

Axis Bank introduces 'Wear 'N' Pay'

India's Axis bank has rolled out a range of wearable devices for contacless payment transactions.

Dubbed 'Wear 'N' Pay', the progreamme 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 techniology 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.”

Comments: (3)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 16 March, 2021, 08:43Be the first to give this comment the thumbs up 0 likes

Errmmm most smart watches do this now... Are they really going to compete with an Apple watch?

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 16 March, 2021, 10:591 like 1 like

India does not have high NFC based smartphones penetration and present situation demands for it so bank has come up with offering. Good initiative but ofcourse several business cases similar are seen across various regions. 

A Finextra member
A Finextra member 17 March, 2021, 08:58Be the first to give this comment the thumbs up 0 likes

Agree with Hitesh. This is about access - when smart watches are at the $10 price point mentioned in the article, people can drop these devices - until then, smart watches are a discretionary luxury for most. Obviously smart phones also perform this function, but if you have to get something out of your pocket/bag to pay, then you might as well use a plastic card.