Axis Bank has launched a range of wearable contactless payment devices under the brand Wear ‘N’ Pay. These devices come in different forms of wearables like a band, key chain and watch loop and are available starting at Rs 750. The wearables are directly linked to the bank account of an Axis Bank customer and function like a regular debit card. It allows purchases at any merchant store which accepts contactless transactions.
How do they work?
- Axis Bank’s new ‘Wear N Pay’ devices are available in a variety of accessories like the band, key chain, and watch loop. Users do not need to carry their smartphones and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.
- Customers can use these devices at any merchant that accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to Rs 5,000. For transactions of more than Rs 5,000, a PIN is required.
- The program also provides a host of features for its customers, which include 10% cashback, offers across Dining partners as well as a fraud liability cover up to 100% of the purchase limit.
Important takeaways for all competitive exams:
- Axis Bank Commenced operations: 1994.
- Axis Bank Headquarters: Mumbai, Maharashtra.
- Axis Bank Tagline: Dil Se Open.
- Axis Bank MD and CEO: Amitabh Chaudhry.