In line with the growing emphasis on digital and contactless payments in India, Axis Bank has launched its own range of wearable payment devices, following the footsteps of the State Bank of India (SBI) which introduced Titan Pay last year.
Embracing Contactless Payments
Indian authorities are advocating for the adoption of contactless payment methods, aiming to make them the new standard in the country’s payment landscape. Responding to this initiative, Axis Bank has unveiled its line of wearable payment devices, branded as ‘Wear N’ Play’.
Functionality and Affordability
According to Axis Bank, these wearable devices are directly linked to customers’ bank accounts, functioning similarly to regular debit cards. The bank unveiled three variants of wearable devices on March 10: a band, a key chain, and a watch loop. Remarkably, each device is priced at just ₹750, which is approximately $10.
Collaborative Efforts
Similar to SBI’s collaboration with Titan, Axis Bank has partnered with Thales and Tappy Technologies to develop its wearable payment devices. This collaboration aims to ensure seamless functionality and security for users.
Convenient Transactions
With these wearable payment devices, Axis Bank customers can conduct transactions at any merchant that accepts contactless payments. This initiative is expected to streamline payment processes and enhance convenience for customers, further promoting the adoption of digital payment solutions across India.
In conclusion, the launch of Axis Bank’s Wear N’ Play signifies a significant step towards the widespread adoption of contactless payment methods in India. With affordable pricing and convenient functionality, these wearable devices are poised to revolutionize the way transactions are conducted, contributing to the country’s evolving digital payment ecosystem.
