Thales said its technologies are enabling Axis Bank’s wearables as a stylish and secure contactless way of payment.
The new Thales chip form factor will leverage Tappy Technologies’ holistic payment solution to Axis Bank, to further enhance customer outreach by offering innovative purchase methods, according to Thales.
This range of wearable contactless payment devices is easy to carry around and blend seamlessly into the users’ daily lives with minimum intrusion, the company said.
Thales said it managed to condense the technology of a contactless payment card into a tiny piece of secure payment technology – Thales Gemalto FlexiTag – that can be invisibly integrated into a vast range of wearable shapes and sizes, it said.
Axis Bank customers can therefore enjoy payment bands, key fobs, or loops to process fast contactless transactions - without having to take a wallet out, according to Thales.
The wearable is directly linked to the customers’ bank account and functions like a debit card. This allows purchases to be done at any merchant that accepts contactless transactions.
Also, to ease accessibility, the Axis wearables can be purchased via phone banking or at Axis Bank branches.
“With the increasing number of digital payments users, we see a huge opportunity in contactless payments, which will continue to grow, given the post-pandemic situation and the need for social distancing. Contactless payments are the future of the payments industry in India," said Sanjeev Moghe, executive VP & head-Cards & Payments, Axis Bank. "To tap into this market, our Wear ‘N’ Pay program brings convenience in contactless payments at a budget friendly price point, offering a safe budget-friendly of payments on the go. Not only are these devices contemporary looking, but are also designed in a way that it becomes a part of our daily lives, thus increasing adoption of cashless transactions for everyday requirements."
“The current time is apt to discover new secure payment methods and here contactless wearables arise as an optimal alternative," said Emmanuel de Roquefeuil, VP and country director, Thales in India.
Added Suboor Ahmed, VP of Strategic Partnerships & Operations at Tappy Technologies: “The Indian mass market potential for contactless-enabled wearables is significant and we see this expanding into use on India’s public transport systems in the future."