Axis enters the contactless payment space and launches new portable devices
Bengaluru: As a first step, private sector lender Axis Bank Ltd launched a range of portable contactless payment devices called “Wear N Pay”. The device was jointly developed by electrical systems designer Thales Group, mobile payments innovator Tappy Technologies and payment infrastructure provider Mastercard.
The laptop will be directly linked to a customer’s bank account and can be used as a debit card, the bank said. ‘Wear’ N ‘Pay’ devices can be purchased through telephone banking or any Axis Bank branch. To benefit from Axis ‘Wear’ N ‘Pay’ services, customers will need to open an online account via Know-your-customer video or visit their nearest Axis Bank branch.
The devices are available in a variety of form factors such as band, keychain, and watch buckle, with prices starting at ₹750, said Axis Bank. “With a growing number of digital payments users, we see a huge opportunity in contactless payments. To tap into this market, our Wear ‘N’ Pay program brings the convenience of contactless payments at an affordable price, providing a safe and secure payment method on the go. These devices are designed to be part of our daily lives, thus increasing the adoption of cashless transactions, ”said Sanjeev Moghe, Executive Vice President and Head of Cards and Payments at Axis Bank.
The Reserve Bank of India (RBI) has raised the threshold for contactless payments in India from ₹2000 to ₹5,000 per transaction, from January 1. The head of the National Payments Corp. of India, Dilip Asbe, had said that 70-80% of the volume of retail payments in India ₹Range of 5000.
“We are happy to support Axis Bank with this innovative contactless payment experience in India. The current time is ripe for the discovery of new secure payment methods and here contactless wearables present themselves as an optimal alternative. We look forward to unlocking the full digital potential of our customers and supporting them in this rapidly evolving payment ecosystem, ”said Emmanuel de Roquefeuil, Vice President and Country Director of Thales India.
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