Stay secure: Treat wearables on par with cards to make contactless payments

Acceptance of wearable devices will depend on speed and ease of grievance redressal

In a first, Axis Bank has launched a range of wearable devices through which users can make contactless payments. These devices are available in the form of accessories like bands, key chains, and watch straps. They obviate the need to pull your card out of a wallet or using your phone.

The offering

A wearable device is linked to the customer’s bank account and functions like a debit card. It can be used at any point of sale (PoS) that accepts contactless transactions. The wearer just needs to wave it before a PoS machine. Transactions up to Rs 5,000 don’t