New Delhi: State-owned Bank of Baroda (BoB) on Monday announced the launch of the wearable line of products for small-ticket payments up to Rs5,000 through the BoB World Wave in association with the National Payments Corporation of India (NPCI).
The BoB World is the bank's digital banking product, and BoB World Wave is to offer customised wearable payments solutions, providing a swift and convenient way to make payments on the go. Customers can make on-the-go payments of up to Rs 5,000 without any PIN while shopping on the PoS machine, the bank said at the announcement here. The wearables, to be attached to gadgets and articles such as rings, watches and other such items, are expected to be available for use from the next month for the bank customers and they can place an order for the same. The bank expects that it can garner up to 10 per cent of the small-ticket payment transactions on these devices in the next two years. "At Bank of Baroda, it is our endeavour to accelerate digital technology and implement innovation to meet the demands of the evolving modern-age customers. The bank's on-the-go wearable payment solution, bob World Wave, is designed to ensure convenient and seamless digital payments by our customers. "It is anticipated that 10 per cent of the small-ticket payments will be made via wearable devices in the next two years," Akhil Handa, chief digital officer of Bank of Baroda, said at the launch. The bank will provide a three-month free wellness package along with a personal health coach, doctor teleconsultation and interactive video coaching.
