In the private sector, the country’s third largest bank has launched Wear ‘N’ Pay. With the help of this, you will get rid of the hassle of carrying a wallet or phone and will be able to make hands-free payments. These contactless payment devices can take the form of band, key-chain and watch loop which will act like a bank’s debit card. It will not be too expensive for customers. According to the information given by the bank, it is available for only 750 rupees. Through this device, Axis Bank has taken a step forward with contactless payments. Axis Bank is the first bank in the country to launch this type of device and the bank has partnered with Thales and Tapi Technologies for this. Thales and Tappy Technologies have designed this device and designed it. This device is available on the MasterCard platform.
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Wear N Pay will remain linked to customers’ bank accounts
According to the information given by the bank, the Wearable Device will be directly linked to the bank account of the customers and it will act like a debit card. Through this, customers can shop and pay at any merchant who accepts contactless transactions. Wear N Pay devices can be purchased from phone banking. Or any branch of Axis Bank. Those who are not customers of Axis Bank, can open their account in the bank and use Wear N Pay devices at their nearest Axis Bank branch or through video KYC.
Contactless payment of up to 5 thousand rupees
With any merchant who accepts contactless payments, they can make payments through their Wear N Pay devices without any problems. Due to this, the hassle of running with a wallet or phone is over. For this, users have to bring wearables over the POS machine and payment will be made, like making contactless payments through the card. However, it can be paid up to 5 thousand rupees only. For payment of more than 5 thousand rupees, a PIN will be required, that is, the payment will not be contactless. Under this program, customers will get 10 percent cashback. Apart from this, fraud liability cover will also be provided equal to 100 percent of the purchase limit.