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Axis Bank introduces wearable devices for contactless transactions

Private sector lender Axis Bank on Wednesday introduced wearable devices to carry out contactless transactions.

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Axis Bank to acquire Citibank's India consumer business for $1.6 billion

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Mumbai, March 10 Private sector lender Axis Bank on Wednesday introduced wearable devices to carry out contactless transactions.

Accordingly, the bank launched its wearable devices brand, 'Wear 'N' Pay'.

"Axis Bank has become the first bank to introduce a new line of wearable devices that can be incorporated into existing accessories or worn easily to carry out contactless transactions on the go," the bank said in a statement.

"These devices come in a variety of accessories like band, key chain and watch loop that factor in practical usage and are available at a fee point of Rs 750, making it affordable for customers."

According to the bank, the wearables are directly linked to the customers' bank account and function like a regular debit card.

"This allows purchases to be done at any merchant who accepts contactless transactions. Wear N Pay devices can be purchased via phone banking or at any Axis Bank branch. Non-customers can also enjoy Wear N Pay devices by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch."

The bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.

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