5 Lesser Known Facts of Contactless Payment Devices of SBI & Axis Bank

Axis Bank released a series of devices on Friday that enables customers to render contactless payments. Last year, the State Bank of India (SBI) partnered with Titan to introduce a contactless payment platform. Axis Bank provides a wristband, a keychain, and a loop, a compact tool that can be attached to the strap of a watch. For contactless payment with SBI, a customer must buy a Titan watch. From SBI and Axis Bank, here are a few details you must know about contactless payments.

1. Watches from Titan launch at Rs 2,995. The devices for Axis Bank launch at Rs 750. Both devices accept payments through near-field communication or NFC. As a result, the devices do not have to be smart or have any on-the-go functionality. They are equipped with an NFC chip. These devices are linked to the customer's bank account in order to make payments.
2. Axis Bank provides a 10% cashback on the first three transactions made within 30 days of receiving the device, with a gross expenditure of Rs 600 or more. The highest cashback is Rs 100. Cashbacks are also valid on the fifth transaction of every month, whenever the customer spends at least Rs 200 and the bank provides a maximum cashback of Rs 100. Discounts and cashback are provided to customers who register. The service is available at MasterCard-enabled point-of-sale terminals for both banks. For the same, the watch must be linked to SBI's YONO app.
3. Transactions up to Rs 5,000 will be possible without entering a PIN, according to Reserve Bank of India directives. Customers will be required to authenticate payments with their PINs for transactions reaching this cap. Even if the transaction is less than Rs 5,000, you can only make up to five transactions without a PIN every day.
4. Axis Bank also has protection against theft. It is available if a scam occurs as a result of a bank's failure or a third-party act. The insurance policy would not be effective if the customer is reckless. SIM duplication abuse, identity stealing theft, account takeover forgery, and card cloning or skimming are also forms of third-party violations. In addition, for zero liability, consumers must notify the bank within three days. Similar conditions extend to SBI as well, as they are a result of RBI legislation requiring the bank to refund customers in the event of fraud that occurs without the customer's fault.
5. According to Axis Bank's official site, contactless payment devices have an annual charge of Rs 500. In the context of SBI, it's unclear whether there's an annual charge or not.