After the onset of Coronavirus and the impending importance of contactless payments, the propensity of digital transactions has improved rapidly in the country. With the banking sector in the country emphasizing the decision to privatize the ownership structure and thereby initiating monetary transactions, thereby digital payments have become very important. Therefore private commercial banks have come up with unique methodologies to initiate measures to improve contactless payments. After the State Bank of India, launched its wearable device that can be used for contactless payment, the third-largest private commercial bank in the country Axis Bank has also launched its wearable payment device.
After the Reserve Bank of India has come up with the important decision to improve the cash transaction limit of contactless payments from 2000 to 5000, there has been a move initiated by banking institutions to launch wearable payment devices. In October, the State Bank of India collaborated with Titan to launch ‘Titan Pay’. Coming close on its heels, was a collaboration move between Axis Bank, the third-largest private sector banking institution in the country and Thales and Play known as ‘Wear N Play’. The wearable payment device is priced at $10 which is Rs 750 under Indian currency.
The Annual fees which are charged for the wearable payment devices are ₹ 500. Along with that, if you purchase the device you would also get a replacement guarantee for one year up to the amount of the Replacement fee which is ₹ 750. Upon using the wearable payment device you would get a Daily purchase limit of ₹ 1 lakh. This would be your total credit limit. This wearable payment device acts as a Debit Card. The wearable device is linked to the banking institution In which you have your bank account. Along with this, you would also get the benefit of a Fraud cover where the total insurance limit of the Fraud cover is up to 100% purchase limit.
Thereby it has brought about a revolution in the contactless payment industry.