Axis Bank contactless payment device: Private sector lender Axis Bank on Wednesday introduced wearable devices to carry out contactless transactions. Accordingly, the bank launched its wearable devices brand, ‘Wear ‘N’ Pay’. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices.

The bank said the devices come in accessories such as a band, key chain, and watch loop that factor in practical usage. It is priced at Rs 750. According to the bank, the wearables are directly linked to the customers’ bank account and function like a regular debit card.

“The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third-largest private bank launched a band, a key chain, and a watch loop, which cost just ₹750 (around $10) apiece. The bank said the devices come in accessories such as a band, key chain and watch loop that factor in practical usage.

“We see a huge opportunity in contactless payments, which will continue to grow, given the post-pandemic situation and the need for social distancing,” said Sanjeev Moghe, EVP & head (cards & payments), Axis Bank. Earlier, SBI had partnered with Titan to launch Titan Pay by incorporating payments in the company’s smartwatches.

Through Axis Bank contactless wearable payment device, purchases to be done at any merchant who accepts contactless transactions. Wear N Pay devices can be purchased via phone banking or at any Axis Bank branch. Non-customers can also enjoy Wear N Pay devices by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch,” it added.

The bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.

Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank said: “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 the payments industry in India,” he said. 

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,” he added.