Yes, you heard it right! Now you can make contactless transactions without having to remove your card from your wallet. Axis Bank has unveiled Wear 'N' Pay, a line of wearable contactless payment systems. Axis Bank has been the first bank to introduce a new range of wearable devices that can be integrated into existing accessories or worn easily to carry out contactless transactions on the go. Wear 'N' Pay system can be enabled in wristband, keychain, or loop - to pay at a POS machine by simply waving it.
How does the Wear 'N' Pay work?
The wearables are linked directly to the customer's bank account and function in the same way as a standard debit card. This helps you to make purchases at any retailer that accepts contactless payments. Wear N Pay devices can be ordered over the phone or in person at any Axis Bank branch. For transactions up to Rs 5000, make fast and secure payments with just a tap. You may apply by Phone Banking or by visiting an Axis Bank branch.
The daily purchase limit will be Rs. 1,00,000 for Axis Bank customers.
The daily limit for transactions below, where no PIN is required is Rs 5000.
For transactions above Rs 5000, there is no limit but the PIN is mandatory.
These devices come with a range of accessories, such as a band, key chain, and watch loop, and are priced at Rs. 750, making them affordable to consumers. An annual fee of Rs 500 will be charged.
How to use the Wear 'N' Pay device?
You can set a PIN and allow contactless mode on your Wear 'N' Pay system using the Axis Mobile App or Internet Banking. Once you receive your device, it must be first be enabled by entering a PIN code.
Step 1 - Set PIN for your Wear 'N' Pay device
Step 2- Enable contactless usage for your Wear 'N' Pay device
After this, you can start using your device to make contactless transactions at POS terminals.
These products were designed and developed by Axis Bank in collaboration with Thales and Tappy Technologies and are only available on the Mastercard platform.