Axis Bank launches wearable payment device

Axis Bank has launched its own line of wearable devices to ensure contactless payments for its account holders. It may be noted that SBI launched its device last year in October by the name of “Titan Pay”, and Axis Bank followed suit.

The wearable payment device is called “Wear N Pay” and costs 750 rupees (10$).  The launch of these devices comes on the heels of the Reserve Bank of India (RBI) increasing the limit for contactless transactions from Rs. 2,000 to Rs. 5,000.

Since digital payments are need of the hour, Indian authorities now want contactless payments as the new norm of India. The wearable devices are directly linked to the customers’ bank accounts. They function like a regular debit card.

The device is actually a band with a key chain and a watch loop costing 750 rupees only. The wearable device would allow its customers to make a transaction at any merchant who accepts contactless payments. It may be noted that there still are concerns about the safety of contactless payments.

Wearable devices use radio frequency identification in order to link to the device to the customer’s debit or credit card thus eliminating the need for touching public surfaces or sale terminals. The device pulls a transaction in 10 to 15 seconds where chip enabled cards need around 45 seconds.